Senate confirms Janet Yellen as new chair of Federal Reserve

The first woman to head the Fed was confirmed by a vote of 56-26

Topics: janet yellen, Federal Reserve, U.S. Senate, Fed, The Washington Post, QE, Quantitative Easing, Tim Johnson, taper, ,

Senate confirms Janet Yellen as new chair of Federal ReserveJanet Yellen (Credit: AP/Jacques Brinon)

The U.S. Senate voted to confirm Janet Yellen as the next head of the Federal Reserve on Monday, making Yellen the first-ever woman to chair the Fed and, arguably, the most powerful woman in the world.

“She has proven through her extensive and impressive record in public service and academia that she is most qualified to be the next chair,” Democratic Sen. Tim Johnson said Monday, according to the Washington Post. “Americans should feel reassured that we will have her at the helm of the Fed as our nation continues to recover from the Great Recession.”

More from the Washington Post:



Yellen will take office while the Fed is at a crossroads. Over the past five years, it has pumped trillions of dollars into the economy through bond purchases to lower borrowing costs for consumers and businesses and boost the recovery. Now, it is starting to scale back that support — a delicate task that risks jeopardizing the economy’s progress. A wrong move could also send Wall Street into panic mode.

“There is no question there could be unintended consequences,” New York Fed President William Dudley said at a conference in Philadelphia on Saturday, describing the challenge that Yellen and other central bank officials will face in coming years.

Yellen will inherit an economy that is no longer in freefall but is far from fully healed. Unemployment remains stubbornly high while inflation is perplexingly low, and government spending cuts have undermined the recovery’s momentum. Stock markets have soared to record highs, but economic growth has been so anemic that many Americans believe the nation is still in recession.

Elias Isquith

Elias Isquith is an assistant editor at Salon, focusing on politics. Follow him on Twitter at @eliasisquith, and email him at eisquith@salon.com.

More Related Stories

Featured Slide Shows

  • Share on Twitter
  • Share on Facebook
  • 1 of 10
  • Close
  • Fullscreen
  • Thumbnails

    Romance novels need a canon

    "Bet Me" by Jennifer Crusie

    A contemporary romantic comedy set to Elvis Costello and lots of luxurious and sinful sugary treats.   Read the whole essay.

    Romance novels need a canon

    "Welcome to Temptation" by Jennifer Crusie

    Another of Crusie's romantic comedies, this one in the shadow of an ostentatiously phallic water tower.   Read the whole essay.

    Romance novels need a canon

    "A Gentleman Undone" by Cecilia Grant

    A Regency romance with beautifully broken people and some seriously steamy sex.   Read the whole essay.

    Romance novels need a canon

    "Black Silk" by Judith Ivory

    A beautifully written, exquisitely slow-building Regency; the plot is centered on a box with some very curious images, as Edward Gorey might say.   Read the whole essay.

    Romance novels need a canon

    "For My Lady's Heart" by Laura Kinsale

    A medieval romance, the period piece functions much like a dystopia, with the courageous lady and noble knight struggling to find happiness despite the authoritarian society.   Read the whole essay.

    Romance novels need a canon

    "Sweet Disorder" by Rose Lerner

    A Regency that uses the limitations on women of the time to good effect; the main character is poor and needs to sell her vote ... or rather her husband's vote. But to sell it, she needs to get a husband first ...   Read the whole essay.

    Romance novels need a canon

    "Frenemy of the People" by Nora Olsen

    Clarissa is sitting at an awards banquet when she suddenly realizes she likes pictures of Kimye for both Kim and Kanye and she is totally bi. So she texts to all her friends, "I am totally bi!" Drama and romance ensue ... but not quite with who she expects. I got an advanced copy of this YA lesbian romance, and I’d urge folks to reserve a copy; it’s a delight.   Read the whole essay.

    Romance novels need a canon

    "The Slightest Provocation" by Pam Rosenthal

    A separated couple works to reconcile against a background of political intrigue; sort of "His Gal Friday" as a spy novel set in the Regency.   Read the whole essay.

    Romance novels need a canon

    "Again" by Kathleen Gilles Seidel

    Set among workers on a period soap opera, it manages to be contemporary and historical both at the same time.   Read the whole essay.

  • Recent Slide Shows

Comments

Loading Comments...