Senate Banking Committee Approves Yellen to Lead Federal Reserve

By Jessica Maltese 12-02-13

Official portrait of Federal Reserve Chairman nominee Janet Yellen. Courtesy: United States Federal Reserve
Official portrait of Federal Reserve Chairman nominee Janet Yellen.
Courtesy: United States Federal Reserve

It looks like it’s a go for Janet Yellen.

She may soon become the Chairman of the Federal Reserve. This would make her the first woman to lead one of the world’s most powerful roles.

The U.S. Senate Committee on Banking, Housing, and Urban Affairs voted overwhelmingly to send Yellen’s nomination for a final vote last week. This comes despite wrangling between Senate Democrats and Republicans over a change in filibuster rules.

“She may have dodged a bullet there,” said Center on Budget and Policy Priorities Senior Fellow Jared Bernstein.

Federal Chairman Ben Bernanke is stepping down at the end of January. He served two four-year terms during a difficult period in the American economy. President Obama nominated Yellen in October. She is expected to push for stronger economic growth especially around unemployment.

A full Senate confirmation vote could occur later this month.