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Senate Confirms Yellen to Lead Federal Reserve

Updated: 01/06/2014 5:37 PM
Created: 01/06/2014 5:36 PM WDIO.com

WASHINGTON (AP) - The Senate has easily approved Janet Yellen's nomination to head the Federal Reserve.

Monday's 56-26 vote makes Yellen the first woman to lead the central bank in its century-long history. It puts an economist in the post who has long focused on fighting unemployment and who backed the Fed's recent efforts to spur the economy with low interest rates and huge bond purchases.

Yellen begins her four-year term as chair on Feb. 1. She replaces Ben Bernanke, who has held the job for eight years dominated by the Great Recession and his efforts to fight it.

Yellen has been Fed vice chair since 2010.

Nominated in October by President Barack Obama, Yellen will be the first Fed chair picked by a Democrat since President Jimmy Carter chose Paul Volcker.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Janet Yellen, of California, President Barack Obama's nominee to become Federal Reserve Board chair, testifies on Capitol Hill in Washington, Nov. 14, 2013, before the Senate Banking Committee hearing on her nomination to succeed Ben Bernanke.
AP Photo/Jacquelyn Martin, file

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