• 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

  • DayBreak

    Travel Tuesday: Delta increasing flights to Alaska

    by KTVA CBS 11 News on Nov 25, 12:26

    “When airlines compete, the customer wins.” Sound familiar? It’s one of the many mantras of Daybreak’s travel guru Scott McMurren. He stopped by the studio to talk about how Delta Air Lines is looking to step up its game in the Alaska. New spring offerings coming from Delta Air Lines: Anchorage May 15: Five flights […]

  • DayBreak

    Seeing the Alaska Zoo in a different light

    by KTVA CBS 11 News on Nov 25, 11:00

    With less than 6.5 hours of daylight to enjoy every day, there’s one boardwalk lighting up to add a little magic for its year-round residents. The Alaska Zoo Lights are bigger, brighter and more beautiful than ever before. Eileen Floyd with the Alaska Zoo joined Daybreak Tuesday morning to talk about the winter tradition. Floyd […]

  • News

    Suspicious fire extinguished in Juneau landmark

    by Associated Press on Nov 25, 10:19

    Juneau police and fire officials are investigating five suspicious fires in the last month in the Merchant’s Wharf building, the wooden structure on pilings that’s home to restaurants and shops on the city waterfront. Fire marshal Daniel Jager tells the Juneau Empire (http://bit.ly/11UV6sQ) the situation is serious. He says the building is old and a […]

  • News

    Teacher abuse lawsuit heads for mediation

    by Associated Press on Nov 25, 8:43

    The Fairbanks school district and the family of a student who says he was sexually assaulted by a high school tutor will attempt to settle claims through a mediator. The family sued last spring, claiming the district ignored warning signs of inappropriate behavior with students by Hutchison High School tutor and correspondence teacher Claude Fowlkes […]

  • Weather

    Daybreak weather, Nov. 25

    by Brett Shepard on Nov 25, 8:37

    Mostly to partly cloudy skies today with dry weather into the weekend. In the Southeast skies will be cloudy with rain showers at times. In the Interior snow showers will come to an end giving way to mostly cloudy skies. On the North Slope skies will be mostly to partly cloudy with flurries. Out West […]

  • News

    From coast to coast, Ferguson touches a nerve

    by CBS/AP on Nov 25, 7:41

    Last Updated Nov 25, 2014 8:40 AM EST Thousands of people rallied late Monday and early Tuesday in cities across the country, from Los Angeles to New York and dozens of places in between, to passionately but mostly peacefully protest a grand jury’s decision not to indict a white police officer who killed unarmed black 18-year-old Michael Brown in […]

  • News

    In Alaska, tapping into geothermal energy presents challenges

    by Alexis Fernandez on Nov 25, 7:03

    It’s no surprise that Alaskans pay twice as much for electricity compared to the rest of the country. In rural areas, it can cost three times as much. The state is looking to stabilize some of those costs with the help of renewable energy, such as geothermal energy. But, it’s proving to be a lot […]

  • News

    Powder prayers for Alyeska as opening day is delayed

    by Kate McPherson on Nov 25, 1:31

    Not since the 1970s or ’80s does Brian Burnett remember a year like this at Alyeska Resort. As of Monday evening, there’s no accumulation at the base of the mountain and only around 19 inches at the top — a third of what’s desirable for it to open. “We are pushing hard to open as soon […]