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U.S. Senate confirms Yellen as Fed's next chair

English.news.cn   2014-01-07 08:28:14            
 • U.S. Senate on Monday confirmed Janet Yellen as the next head of the Federal Reserve.
 • Yellen would become the first woman to take the helm of the U.S. central bank in its 100-year history.
 • She was nominated by Obama in October and would be the first Democrat to serve the job since 1987.

 

Janet Yellen (R), U.S. Federal Reserve vice chairwoman, speaks while U.S. President Barack Obama looks on during her nomination ceremony at the White House in Washington D.C., in this file photo taken on Oct. 9, 2013. The U.S. Senate confirmed Janet Yellen as the next head of the Federal Reserve on Jan. 6, 2014. She would replace outgoing Fed Chairman Ben Bernanke whose term ends at the end of this month. (Xinhua/Zhang Jun)

File photos of Janet Yellen

WASHINGTON, Jan. 6 (Xinhua)-- U.S. Senate on Monday confirmed Janet Yellen as the next head of the Federal Reserve, to replace the outgoing Fed chairman Ben Bernanke whose term ends at the end of this month.

The Senate voted 56-26 to approve the confirmation, with 11 Republicans joining Democrats in voting for Yellen.

Yellen, currently the Fed's vice chair, would become the first woman to take the helm of the U.S. central bank in its 100-year history.

She was nominated by U.S. President Barack Obama for the post in October and would be the first Democrat to serve the job since 1987.

Born in 1946, Yellen has been vice chair of the Fed since 2010. She is considered an influential architect of the Fed's extraordinary measures to revive the economy through clearer policy communication and large-scale asset purchases after the interest rates were reduced to near zero in late 2008.

In her recent remarks, Yellen voiced concerns about high unemployment and spoke in favor of the Fed's bond-buying program as a way to stimulate the economy.

The widely-scrutinized Fed's policy shift comes at a delicate moment when the central bank has just begun gradually normalizing its monetary policy after a string of data pointed to a better-than-expected growth rate and steady improvement in the labor market.

In December, the Fed announced that it would start in January to taper its purchases of Treasury and mortgage-backed debt to a pace of 75 billion dollars a month from 85 billion dollars a month.

Related:

US Senate committee approves Yellen's nomination

BEIJING, Nov. 22 (Xinhuanet) -- The U.S. Senate Banking Committee has approved Janet Yellen’s nomination to lead the Federal Reserve with a 14-8 vote.

Fed Vice-Chair Janet Yellen was nominated by President Barack Obama in October. She is widely expected to succeed Ben Bernanke, whose second four-year term as Fed chairman will end on January 31st.  Full story

Editor: Zhu Ningzhu
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