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Senate Confirms Yellen as Fed Head

January 6, 2014

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The U.S. Senate Monday voted to confirm Janet Yellen as the next head of the Federal Reserve, replacing Ben Bernanke.

The Senate passed the 51-vote threshold needed to approve Yellen, who becomes the first woman to lead the central bank and the 15th overall.

Bernanke's term ends at the end of the month.

In naming Yellen as his choice, President Barack Obama described her as "a proven leader and she's tough, and not just because she's from Brooklyn. ... Janet is renowned for her judgment," he said, citing her early warning about the housing bubble and the recession.

Yellen, 67, has been the Fed's second-in-command since 2010 and a close adviser to Bernanke.

She is known as a strong advocate of the Fed's easy monetary policy, and with inflation at less than 2 percent she is expected to keep the Fed's accommodative policies in place under her leadership.

Yellen previously was president and chief executive officer of the Federal Reserve Bank of San Francisco and chairwoman of the White House Council of Economic Advisers under President Bill Clinton.

Yellen is married to George Akerlof, a Nobel prize-winning economist and professor emeritus at the University of California, Berkeley. Son Robert Akerlof is an assistant professor at the University of Warwick.

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Original headline: Senate approves Janet Yellen to lead Federal Reserve


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