The U.S. Senate has confirmed Janet Yellen to serve as the next chair of the Federal Reserve on Monday, January 6. She becomes the first woman to head the Fed in its 100-year history.
Envision a growing economy
Yellen is replacing Ben Bernanke, who finishes his second term at the end of the month after serving as chairman for eight years.
Senators voted 56 to 26 in favor of Yellen, with numerous absences because of inclement weather. Eleven Republicans broke party ranks, voting to support Yellen, while 26 Republicans voted “no.”
With the economy rebounding from the results of the great recession, many industry experts expect her to focus on how to nurture growth without putting it into overdrive.
In his two terms as chairman, Bernanke led the Fed through a struggling economy that included the deepest financial crisis.
Under his leadership, the Fed has driven short-term interest rates down to almost zero and flushed money into the economy with big bond purchases.