• Forecast
  • News Tip
  • Categories
Temperature Precipitation
Estimated read time
1m 49s

Senate confirms Janet Yellen as next Fed chair

By Rebecca Kaplan / CBS News 2:28 PM January 6, 2014

Yellen, who was nominated by President Obama in October, is the first woman to lead the institution in its 100-year history.

The Senate confirmed Janet Yellen to lead the Federal Reserve Monday by a vote of 56 to 26, capping off a tug-of-war between Democrats and Republicans over President Obama’s nominees that dominated the Senate in its final weeks of 2013.

Yellen, who was nominated by President Obama in October, is the first woman to lead the institution in its 100-year history. She is currently a vice chair of the Fed, a position she has held since 2010, and is known as a close ally of current chairman Ben Bernanke, whose term expires at the end of January. She will take over on Feb. 1.

Though she was not an especially controversial pick for the job, Yellen’s nomination was caught up in the midst of a fight between Senate Democrats and Republicans. When Republicans began blocking many of the president’s nominees to executive and judicial branch positions, Senate Majority Leader Harry Reid, D-Nev., instituted a rules change that prevents the minority party from filibustering nominees for those jobs.

Even with the change, Yellen’s nomination was still delayed by Republicans who were angry about Reid’s move. It was supposed to occur before Congress recessed for the holidays, but was ultimately scheduled for the day of the Senate’s return. Sen. Rand Paul, R-Ky., was also delaying the confirmation in protest of his inability to get Reid to schedule a vote on a bill to audit the Fed.

Before lawmakers left town, however, she cleared a key procedural vote by a margin of 59 to 34, signaling she would likely be confirmed. Her confirmation wasn’t without opposition, though: before the vote, Heritage Action, an outside conservative group, announced it was opposing her nomination due to the Fed’s monetary policies and would include it on a list of votes used to score lawmakers.

The biggest challenge ahead for Yellen will be overseeing the so-called “taper” of monetary support for the economy it has been providing since 2008. Fed’s rate-setting panel announced last month that it will cut its monthly purchases of mortgages and U.S. Treasury securities back to $75 billion a month, a $10 billion decrease.

© 2014 CBS Interactive Inc. All Rights Reserved.

Latest Stories

  • Lifestyle

    This social media site ranked worst for mental health

    by CBS News on May 23, 12:25

    Instagram is the most detrimental social media platform to young people’s mental health, according to new research out of the U.K. Researchers from the Royal Society for Public Health in conjunction with the Young Health Movement published the report entitled #StatusOfMind, which looks at the positive and negative effects of social media on young people’s health […]

  • News

    Alaska judge expected to rule on recall effort

    by Associated Press on May 23, 11:44

    JUNEAU, Alaska (AP) – A state court judge in Anchorage is expected to decide Tuesday whether to allow a recall election to proceed against three Homer City Council members who sponsored a resolution on inclusivity after President Donald Trump’s election. Superior Court Judge Erin Marston told attorneys following arguments in the case Monday that he […]

  • Weather

    Widespread rain, wind in the forecast for southcentral Alaska

    by Rachael Penton on May 23, 10:55

    After some sunshine to start the week, widespread rain is in the forecast for southcentral Alaska through midweek. A strong front will begin approaching the western Kenai Peninsula and Cook Inlet area late-Tuesday, spreading rain throughout the entire region by early-Wednesday. The rain will be heavy at times, bringing as much as one inch of […]

  • Lifestyle

    Yukon subsistence fishermen needed to collect king salmon samples

    by Anna Rose MacArthur/KYUK on May 23, 8:06

    Over the past several years, fishery managers have placed extremely tight harvest restrictions on king salmon fishing in the Yukon River. The hope is that conservation will lead to larger runs. When managers make those decisions – telling fishermen when and where they can fish and what gear they can use – they need to […]

  • Politics

    GOP pleased over Trump budget blueprint

    by Associated Press on May 23, 7:02

    WASHINGTON (AP) – The Latest on President Donald Trump’s budget for the fiscal year beginning Oct. 1 (all times local): 10:35 a.m. Top GOP leaders in Congress are praising President Donald Trump’s budget plan for promising a balanced federal ledger over time. The budget relies on faster economic growth and steep cuts to programs for […]

  • Cougars make Bartlett feel at home with all-inclusive trip

    by Dave Goldman on May 22, 21:58

    They may compete on the field, but in the end, they’re one team. It showed more than ever on senior night. At a recent game while honoring their own, the Service High School girls soccer team also graciously extended a warm welcome to their opponent, Bartlett. But this was nothing new and is four years […]

  • News

    ‘Just get help’: Family of woman killed in boyfriend’s apparent suicide attempt speaks out

    by Daniella Rivera on May 22, 21:52

    It’s been 33 days since 22-year-old Brittany-Mae Haag’s family learned they’ll never see her again. “[Police said] that it was a shot from Victor Sibson, that he shot my daughter,” said Sheila Lopez, Haag’s mother. Lopez spent the majority of the month since her daughter died thinking Haag’s boyfriend of six years, 21-year-old Victor Sibson, killed her […]

  • APD investigating Government Hill shooting

    by KTVA Web Staff on May 22, 21:30

    Anchorage Police say they’re investigating shooting in the Government Hill area. Late-Monday evening, officers were called to the parking lot of a Subway at Hollywood and Vine where they were seen taking photographs of a yellow vehicle. KTVA’s reporter on scene says blood could be seen in the parking lot near the vehicle. After it […]