Dr. Janet Yellen has been confirmed by the Senate, 56 - 26, to be the next Chair of the Federal Reserve. Yellen becomes the first woman to head the nation's central bank, a powerful institution with control of U.S. monetary policy. Previously, Yellen was with the Federal Reserve Bank in San Francisco, and prior to that was chair of the Council of Economic Advisers under President Clinton. She also is an economics professor at the University of California-Berkeley.
Yellen is a strong advocate of using the Fed's power to boost employment and has favored economic stimulus by the Fed in line with President Obama.
