US Senate confirms Yellen as Fed chair

Veteran economist Janet Yellen will be the first woman to lead the world's most powerful central bank.

Last updated: 07 Jan 2014 00:08
Email Article
Print Article
Share article
Send Feedback
Yellen will begin her four-year term as leader of the century-old bank on February 1 [Reuters]

The US Senate has confirmed Janet Yellen as the first woman to lead the Federal Reserve.

The Senate voted 56-26 to approve the nomination on Monday, with several senators absent due to flight delays caused by severely cold weather. .

Yellen, 67, is known as an advocate of fighting unemployment and a backer of the central bank's efforts to spur the economy with low interest rates and massive bond purchases.

She will replace Ben Bernanke, who is stepping down after serving as chairman for eight years that included the Great Recession and the Fed's efforts to combat it.

Vice chair of the Fed since 2010, Yellen will begin her four-year term as leader of the century-old bank on February 1.

President Barack Obama hailed the confirmation of Yellen, saying she will be a "fierce champion" for the American people.

Obama said Yellen is committed to the Fed's dual mission of keeping inflation low and reducing unemployment.

He said Yellen will "stand up for American workers, protect consumers, foster the stability of our financial system, and help keep our economy growing for years to come".


Email Article
Print Article
Share article
Send Feedback
Topics in this article
Featured on Al Jazeera
UNHCR says hundreds of people trapped in Yaloke town risk death if they are not evacuated to safety urgently.
'Justice for All' demonstrations swell across the US over the deaths of African Americans in police encounters.
Six former Guantanamo detainees are now free in Uruguay with some hailing the decision to grant them asylum.
Disproportionately high number of Aboriginal people in prison highlights inequality and marginalisation, critics say.
Long-standing dispute over Christian use of the word 'Allah' raises concerns about a very un-Merry Christmas.
The threat posed by ISIL has prompted thousands of young Kurds to join the PKK.
Baja California - with its own grim history of disappeared people - finds a voice in the fight against violence.
Russian feminist rockers fight system holding 700,000 - the world's largest per capita prison population after the US.
Weeks of growing protests against Muslims continue in Dresden with 15,000 hitting the streets last Monday.