CHART OF THE DAY: How The Fed Chair Nomination Process Worked The Last 12 Times

Goldman Sachs economist and political analyst Alec Phillips thinks the nomination of Janet Yellen for Fed chair could come from the White House as soon as next week.

Yellen, the current vice chair of the Federal Reserve, is widely considered the frontrunner to replace current Fed chairman Ben Bernanke when his term expires in January.

Because she enjoys significant support in the Senate, the confirmation process will likely go smoothly for Yellen, should the White House choose to nominate her.

However, that hasn't always been the case. The chart below, provided by Phillips in a note to clients, shows the confirmation timeline for the last five Fed chairs (12 terms in all).