Jan. 6 (Bloomberg) — Janet Yellen won U.S. Senate confirmation to become the 15th chairman of the Federal Reserve and the first woman to head the central bank in its 100-year history.
Yellen, 67, was confirmed today by a 56-26 vote, with 11 Republicans supporting her. She'll replace Ben S. Bernanke, whose second term as chairman expires Jan. 31, as the Fed trims monthly bond purchases in a first step toward lessening the unprecedented stimulus.
Currently Fed vice chairman, Yellen has backed Bernanke's efforts to steer the economy through its most severe crisis since the 1930s with record-low interest rates and three rounds of bond buying that have swelled Fed assets to $4.02 trillion. She pledged in a Nov. 14 confirmation hearing to press on with accommodation until achieving a "strong recovery."
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