abc
QUICK LINKS:

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 This material may not be published, broadcast, rewritten or redistributed.)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

Front Page

  • Appeals Court Revives Wis. Capitol Protest Lawsuit

    A state appeals court has revived a lawsuit brought by a group protesting Gov. Scott Walker's collective bargaining bill at the Capitol in 2011. Six people who were issued citations for carrying signs sued state officials, saying their free speech rights were violated.

  • Cook County Attorney's Trial Date set for July

    The date for a trial in the criminal sexual conduct case against the Cook County attorney has been set, according to online court records. The five-day trial for Tim Scannell will begin on July 21, with a pretrial hearing on July 7. 

  • Juvenile Correctional Facility Officer Faces Felonies for Alleged Sex with Inmate

    A 23-year-old Grand Rapids man faces five felonies for allegedly sexually assaulting a 15-year-old resident of the North Homes Juvenile Correctional Facility.

  • Ex-Investment Adviser from Grand Marais Admits to Fraud Scheme

    Michael Drilling of Grand Marais pleaded guilty Thursday to one count of securities fraud. In his plea agreement, Drilling admitted to creating a scheme to defraud his investment advisory clients. Prosecutors say through his company, Financial Advisory Partners LLC, Drilling defrauded several of his clients by stealing over $5.6 million of their investment funds.

  • Packers Help Break Ground on Superior Sports Complex

    There may be fresh snow on the ground, but Superior High School is celebrating the upcoming construction of their new sports complex. After two decades of discussing and planning, the community got help from some special guests wearing green and gold to move the first bit of dirt for the NBC Spartan Sports Complex.

 

Winter Weather Advisory

MN AREAS AFFECTED: Carlton, South St. Louis; Central St. Louis; Koochiching; North Itasca; North St. Louis; South Itasca
Expires: 4/19/2014 10:00 AM

Winter Weather Advisory

MN AREAS AFFECTED: Northern Cook, Northern Lake; Southern Cook, North Shore; Southern Lake, North Shore
Expires: 4/19/2014 12:00 PM

Flood Warning

MN AREAS AFFECTED: Aitkin; Crow Wing
Expires: 4/21/2014 7:00 AM

Advertisement
Advertisement
Advertisement
Advertisement