After months of speculation, President Obama finally named names on Thursday, saying who he plans to nominate to the Federal Reserve's board of governors.

Obama will nominate San Francisco Federal Reserve Bank President Janet Yellen to serve as vice chairman of the central bank, the White House said on Thursday.

And the two vacancies on the seven-member board would be filled by Sarah Raskin, the Maryland Commissioner of Financial Regulation, and Peter Diamond, a professor at the Massachusetts Institute of Technology.

"The depth of experience these individuals bring in economic and monetary policy, financial regulation, and consumer protection will make them tremendous assets at the Fed," the President said in a statement. "I am grateful they have chosen to dedicate their talents to serving the American people."

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