Senate Affirms Janet Yellen as Next Fed Chair
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Janet Yellen was confirmed by the Senate to take over as the next Federal Reserve chairman and the first woman to do so in the Fed's 100-year history.
With the 56-26 vote, Yellen, the Fed's current vice chair, will assume the role on February 1, 2014. Eleven Republicans were added to 45 positive Democrat votes on Monday night to affirm the result. Some lawmakers were said to miss the vote due to weather-related events.
Yellen's primary focus upon entering office will be to determine whether the U.S. recovery is full-steam ahead by itself, of whether more stimulus will still be needed to promote growth. Last month, the Fed announced it would cut its bond-buying program by $10 billion per month to $75 billion, while still maintaining zero to near-zero rates.
One of the bigger concerns for the Fed is continued labor market growth. While nonfarm payroll additions have been steady over the last few years, expansion still hasn't been strong enough to offset massive job cuts that happened in the late 2000s with the financial meltdown and fallout.
Yellen had been a fan of the stimulus package in the past and may take extra caution in reducing the program moving forward.
The following infographic, provided by the WSJ, highlights how Senate votes have played out with the last several Fed chairman nominations.
With the 56-26 vote, Yellen, the Fed's current vice chair, will assume the role on February 1, 2014. Eleven Republicans were added to 45 positive Democrat votes on Monday night to affirm the result. Some lawmakers were said to miss the vote due to weather-related events.
Yellen's primary focus upon entering office will be to determine whether the U.S. recovery is full-steam ahead by itself, of whether more stimulus will still be needed to promote growth. Last month, the Fed announced it would cut its bond-buying program by $10 billion per month to $75 billion, while still maintaining zero to near-zero rates.
One of the bigger concerns for the Fed is continued labor market growth. While nonfarm payroll additions have been steady over the last few years, expansion still hasn't been strong enough to offset massive job cuts that happened in the late 2000s with the financial meltdown and fallout.
Yellen had been a fan of the stimulus package in the past and may take extra caution in reducing the program moving forward.
The following infographic, provided by the WSJ, highlights how Senate votes have played out with the last several Fed chairman nominations.
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