• 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

    “Groundbreaking” technology restores movement in paralyzed man

    by Ashley Welch / CBS News on Mar 28, 20:42

    For the first time, a paralyzed man has regained functional arm movement and is able to feed himself using his own hand as a result of new technology that reconnects his brain with his muscles. Bill Kochevar, now 53, suffered a severe spinal cord injury in a bicycle accident eight years ago that left him completely […]

  • Sports

    Dimond Lynx cap off magical season

    by KTVA CBS 11 News on Mar 28, 20:37

    The Dimond High School Lynx had one of those years: nine seniors will ride off with a 4A state title. Head coach Brad Lauwers and three of those seniors stopped by KTVA on Tuesday to sit down with Dave Goldman to discuss the championship run. Follow KTVA 11 Sports on Facebook and Twitter. Did you […]

  • News

    House votes to block Obama-era online privacy rules

    by Associated Press on Mar 28, 20:25

    The House has voted to block online privacy regulations issued during the final months of the Obama administration. It’s the first step toward allowing internet providers such as Comcast, AT&T and Verizon to sell the browsing habits of their customers. The Federal Communications Commission rule was designed to give consumers greater control over how internet […]

  • News

    Some Juneau property values will increase, city officials say

    by KTVA CBS 11 News on Mar 28, 19:24

    About 60 percent of homeowners in Juneau will see the value of their homes increase, according to city officials. The City and Borough of Juneau’s assessor office mailed out property value notices Tuesday, an annual requirement under state law. The city has more than 12,600 taxable properties across more than 20 geographic neighborhoods. Many residential neighborhoods have homes […]

  • Politics

    State and local lawmakers call for more transparency on health care costs

    by Liz Raines on Mar 28, 18:57

    The price of health care in Alaska is higher than anywhere else in the nation. With national reform on the back burner, state lawmakers in Juneau are joining with the Anchorage Assembly in demanding more transparency from health care providers. Both local and state officials want to put a price tag on procedures. Last month, the […]

  • Politics

    Anchorage School District wants voters to say yes to bond package

    by Lauren Maxwell on Mar 28, 18:50

    The Anchorage School District is hoping the second time’s a charm when it comes to approving school bonds in the upcoming April election. Voters narrowly defeated the district’s bond package last year. Mike Nero, the director of capital planning and construction for the district, said the $58.5 million bond proposal will pay for roof replacements […]

  • Weather

    Hello spring? Anchorage may get 5 to 9 inches of snow overnight

    by KTVA CBS 11 News on Mar 28, 16:41

    The National Weather Service says Anchorage residents should expect between 5 and 9 inches of wet snow through Wednesday morning. The NWS issued a winter weather advisory that will be in effect from 10 p.m. Tuesday to 10 a.m. Wednesday. Watch the entire KTVA Weather forecast at 5, 6 and 10 p.m. “Periods of snow […]

  • Weather

    KTVA Weather Lab: Aquarian Charter School

    by Melissa Frey on Mar 28, 15:56

    In this week’s KTVA Weather Lab, I visited Aquarian Charter School in Anchorage, where the second and third graders in Ms. Sarah and Ms. Stacy’s classes have been tracking the weather all year. I also answered the question of the week: What do meteorologists do on an average day? Every Tuesday, Melissa Frey will take the KTVA […]