WASHINGTON (11/22/13)--Only a full Senate vote stands between Janet Yellen and the chair of the Federal Reserve Board, after her nomination was approved by the Senate Banking Committee Thursday.
The committee voted 14 to 8 to approve the nomination, which is likely to move swiftly through the Senate after that body Thursday voted to reduce the 60-vote threshold to 51 votes for executive and judicial nominee approval.
Committee Chairman Tim Johnson (D-S.D.) called Yellen "a model candidate for Chair of the Fed." She "understands the challenges facing our economy and the balance the Fed must strike as we navigate the path back to full employment," and has also demonstrated "that she understands the importance of completing ongoing Wall Street reform rulemaking and of the Fed's regulatory role in supervising the riskiest banks."
If confirmed, Yellen would replace Fed Chairman Ben Bernanke, whose term ends Jan. 31. She would become the first woman to head the Fed, or any other central bank, and would lead the Fed for a four-year term.
Yellen has served as vice chair of the Board of Governors of the Federal Reserve System since Oct. 4, 2010. Her term ends on Jan. 31, 2024. She also has served as president/CEO of the Twelfth District Federal Reserve Bank, at San Francisco.