U.S. Senate confirms first woman as chair of federal reserve

[News_Editor]

By James Valles

WASHINGTON, D.C. (BNO NEWS) â The U.S. Senate made history Monday by confirming Janet Yellen as the first woman to chair the Federal Reserve. Yellen, 67, who has served as vice chair of the central bank since 2010 will succeed Ben Bernanke after Jan, 31.

âI am pleased the Senate took bipartisan action today to confirm Janet Yellen as the next Chair of the Board of Governors of the Federal Reserve System,â said Treasury Secretary Jacob Lew. âWith many years of experience in economics and at the Federal Reserve, Janet is a proven leader who will assume the vast responsibilities of this position with a steady hand.â

President Obama called Yellen âa fierce championâ who would stand up for American workers and keep the U.S. economy growing.

âAs one of our nationâs most respected economists and a leading voice at the Fed for more than a decade â and Vice Chair for the past three years â Janet helped pull our economy out of recession and put us on the path of steady growth,â the President added. âJanet is committed to the Fedâs dual mandate of keeping inflation in check while also addressing our most important economic challenge by reducing unemployment and creating jobs.â

Ben Bernanke, who served as chairman of President George W. Bush's Council of Economic Advisers was appointed by the former president on February 1, 2006. He served two terms after being renominated by President Barack Obama.

Yellen was born in Brooklyn, New York and graduated summa cum laude from Brown University with a degree in economics before receiving her Ph.D. in economics from Yale University in 1971.

She has defended the more than $3 trillion in stimulus funds that the Fed has has been injecting into the U.S. economy. The U.S. Senate voted 59â34 in favor of Yellen's nomination.

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