Yellen to lead Federal Reserve

By: Associated Press
By: Associated Press

WASHINGTON (AP) The Senate is ready to approve Janet Yellen's nomination to become the first woman to lead the Federal Reserve in its century-long history.

Yellen is a long-time advocate of fighting unemployment and a backer of the central bank's recent efforts to spur the economy with low interest rates and massive bond purchases. She was expected to win easy approval in Monday's vote.

She would replace Ben Bernanke, who is stepping down after serving as chairman for eight years that included the Great Recession of 2007 to 2009 and the Fed's efforts to combat it.

Yellen, an economist, has been vice chair of the Fed since 2010 and a close ally of Bernanke.

She would begin her four-year term as leader of the Fed on Feb. 1.

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