December 20, 2013
Janet Yellen, an unwavering advocate of the Federal Reserve’s aggressive steps to boost the U.S. economy, on Friday took a big step toward becoming the first woman to chair the central bank as her nomination cleared a Senate procedural hurdle.
The Senate voted 59-34 to move forward with the nomination, indicating ample support for her confirmation. A final vote is set for January 6 when the Senate returns after a holiday break.
If approved, as widely expected, the Fed’s current vice chair would succeed Ben Bernanke, whose second four-year term as chairman expires on January 31. Yellen’s main task would likely be unwinding the extraordinary stimulus the Fed has put in place during Bernanke’s watch.