Yellen confirmed as next Fed chair
Washington, D.C.: The United States Senate confirmed Vice Chair of the Federal Reserve Janet Yellen to succeed Ben Bernanke as the Federal Reserve Chair when Bernanke's term ends on January 31, 2014. The vote on Monday favored Yellen's confirmation to a four year term to lead the central bank by a vote of 56-26. She will be the first woman to lead the Fed in its 100 year history, and she is the first Democrat to hold the office since 1987.
As vice chair, Yellen supported Bernanke's decision to bolster the struggling economy by enacting bond purchasing programs to cut the costs of long term borrowing. She will be tasked with easing the bond buying programs during her term. She defended the actions of the Fed during her Senate Banking Committee meeting in November 2013, stating, "I consider it imperative that we do what we can to promote a very strong recovery."