Senate OKs Janet Yellen to Lead Fed
Brooklyn, NY, native will be first woman to lead the central bank
By Newser Editors and Wire Services
Posted Jan 6, 2014 5:11 PM CST
In this Nov. 14, 2013 file photo, Janet Yellen smiles as she is introduced as being the first female to be nominated as Federal Reserve Board chair, prior to testifying on Capitol Hill in Washington.   (Jacquelyn Martin)

(Newser) – 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, 67, 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.

In debating Yellen's confirmation, senators in both parties criticized the Fed for doing too much and too little to boost the US economy, the New York Times reports. But Yellen's confirmation still passed easily, with 11 Republicans on board, making her the first Democratic nominee to lead the central bank since 1979. The bookish and meticulous economist will face several challenges in her new post, the Wall Street Journal notes, including slowing down the Fed's asset purchases as the economy improves and finding consensus on a divided policy committee.

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Econ_101
Jan 7, 2014 1:44 PM CST
The US federal government's existing legal obligations exceed $90 trillion, which is far above the carefully defined debt-ceiling limit of $16.7 trillion and is almost six times the domestic output. Let me see the new Chairman of the Federal Reserve get us out of debt ?
kawahchan
Jan 7, 2014 10:44 AM CST
(R) 2016 Gov. RICK PERRY Report: Well, last time the one brought his MIT's diploma to Federal Reserve and turned out a bunch of toilet papers and a bubble; this time she is from a leftist university at Berkeley, California. Let's see how to clean up the mess of Obama's 001 course.
Ezekiel 25:17
Jan 7, 2014 10:35 AM CST
You pick your battles well and she was just not worth the battle.