The Senate confirmed Dr. Janet Yellen as the first woman Chair of the Federal Reserve System (the U.S. central bank). The final confirmation vote was 56 – 26.
Jeanne Shaheen (Senator for New Hampshire) and Elizabeth Warren (Senator for Massachusetts) both missed the vote due to delayed airplane flights.
Dr. Yellen has been the Vice Chair of the Board of Governors of the Federal Reserve System. She will be the first Democrat to hold the job since 1987. She is the 15th Federal Reserve Chair.
The Senate Banking Committee voted 14-8 to confirm Yellen in November 2013. The Senate voted 59-34 on December 20 to move forward with her nomination.
Ben Bernanke received confirmation in 2010 with a 70-30 Senate vote. His second term as the Fed Chair expires Jan. 31, 2014.
Yellen is expected to deal with the Fed stimulus program; The Fed is purchasing $75 billion a month in bonds to try to boost growth and lower unemployment. Her first meeting as chair is scheduled for March 18 to 19.