News

Senate poised to confirm Janet Yellen as Fed Chair

Senate poised to confirm Janet Yellen as Fed Chair

JANET YELLEN: Janet Yellen is expected to be confirmed. Photo: Reuters

WASHINGTON (Reuters) – The U.S. Senate, kicking off its 2014 session on Monday, intends to waste no time making history as it moves to approve Janet Yellen to be the first woman to head the Federal Reserve.

A Senate vote is set for 5:30 p.m. on Yellen, 67, who has been vice chair of the U.S. central bank since 2010.

If confirmed, Yellen would succeed Ben Bernanke, whose second four-year term ends on Jan. 31.

In an early sign that Yellen commands enough support to win confirmation, the Democratic-controlled Senate voted 59-34 on Dec. 20 to move forward with the nomination.

President Barack Obama’s choice of Yellen put her in line to become the first female chief of the powerful U.S. central bank in its 100-year history and just one of a handful of women heading central banks globally.

Yellen has been an unwavering advocate of the Fed’s aggressive steps to boost the U.S. economy as it struggled to emerge from a severe economic recession.

In late 2008, the Fed cut overnight interest rates to near zero and has since conducted a series of massive bond purchase programs intended to keep long-term borrowing costs low.

The result has been a falling U.S. jobless rate, which hit a five-year low in November of 7 percent as the pace of economic growth has also picked up.

Assuming the Senate approves her nomination, Yellen’s main task will be to navigate the central bank’s way out of its extraordinary stimulus, dialing down its current bond-buying program. The U.S. central bank trimmed that program to $75 billion per month, from $85 billion, at a much anticipated policy meeting last month.

During a mid-November Senate Banking Committee hearing on her nomination, Yellen defended the Fed’s aggressive actions to foster economic growth and said, “I consider it imperative that we do what we can to promote a very strong recovery.”

Some Republicans expressed concerns the Fed may have gone too far. “I think the economy has gotten used to the sugar you’ve put out there and I just worry that we’re on a sugar high,” Senator Mike Johanns of Nebraska said at the time.

(Reporting by Ann Saphir in San Francisco and Richard Cowan in Washington; Editing by Peter Cooney and Chris Reese)

Recent Headlines

in Sports, Viral Videos

WATCH: Odell Beckham’s amazing catch

Fresh
11-overlay3

It could be the greatest catch of his career: Watch Giants' wide receiver Odell Beckham pull in a TD with just one hand.

in Sports

Monday’s Sports Minute

Fresh
obeckham

Here’s a look at some of the biggest sports stories making headlines today, Monday, Nov. 24. MANNING DIRECTS BRONCOS OVER…

in Sports

Seahawks shut down Cardinals, 49ers stay in contention

Fresh
seahawks

The defending Super Bowl champions handed the Arizona Cardinals their second loss of the season with a 19-3 win.

in Sports

Romo leads Cowboys to late win over Giants

Fresh
romo

Tony Romo produced another late scoring drive to lead Dallas to a 31-28 win.

in National, World

Obama widens post-2014 combat role for forces in Afghanistan

Fresh
afghanistan

The U.S. military will have a wider role to fight the Taliban alongside Afghan forces after the current mission ends next month.