Janet Yellen, the first woman to head the Fed.
She held the vice-presidency of the Fed and will replace Ben Bernanke, who leaves office on January 31st after eight years in command; the nominee of President Barack Obama received 56 votes in favor and 26 against last night.
From Agência Brasil*
Brasilia – The United States Senate confirmed Janet Yellen as chairman of the Federal Reserve (Fed), the country's central bank, making her the first woman to head the American institution. Janet Yellen previously served as vice chairman of the Fed and will replace Ben Bernanke, who leaves office on January 31 after eight years in command. The nominee of President Barack Obama received 56 votes in favor and 26 against last night (6).
At 67, Janet Yellen has a strong reputation as an economist in academia. A veteran policymaker, she is expected to maintain the current guidelines adopted by the Fed. Married to Nobel Prize-winning economist George Akerlof, Janet has an interest in areas such as the impact of unemployment on the economy and has helped keep the central bank focused on reducing the unemployment rate.
Initially, Yellen's confirmation to the position was scheduled for the week before Christmas, but it was delayed due to a series of other votes and a procedural disagreement between Democrats and Republicans in the Senate. The nomination had already been approved by the Banking Committee in November, and Senate confirmation was the final step in the process. The term of the Fed chair is four years.
Taking stock of his eight years at the helm of the bank, Ben Bernanke said that the US economic recovery is still "incomplete." "Much progress has been made, but there is still much to be done," Bernanke pointed out, confirming the Fed's intention to keep interest rates low until unemployment falls below 6,5%.