Senate ready to OK Yellen to lead Federal Reserve

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.

President Barack Obama's nominee for Federal Reserve Chair Janet Yellen, currently vice chair of the Board of Governors of the Federal Reserve System, stands in the State Dining Room of the White House in Washington, Wednesday, Oct. 9, 2013, where the president announced he is nominating Yellen to be chair of the Federal Reserve, succeeding Ben Bernanke. (AP Photo/Charles Dharapak)

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by Associated Press

WASHINGTON- 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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