• 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

  • Politics

    Gov. Walker to attend Trump inauguration

    by Liz Raines on Jan 18, 20:55

    Gov. Bill Walker will be among the governors in attendance at the presidential inauguration on Friday. The Republican-turned-Independent did not make public his support for candidates in the 2016 presidential campaign. Katie Marquette, spokesperson for Walker, said that as an Independent governor, Walker is committed to working with any presidential administration for the good of […]

  • News

    Bethel police: Napaskiak man dies from injuries sustained in snowmobile crash

    by KTVA CBS 11 News on Jan 18, 20:13

    A Napaskiak man died after a snowmobile crash on Friday morning, Bethel police report. The Bethel Police Department announced the death of 28-year-old James Joekay Jr. in a Facebook post about the crash. BPD and the local fire department responded to a report about the crash around 8:30 a.m., police wrote. They found Joekay with his snowmobile […]

  • Weather

    Temperatures drop to record levels, school canceled

    by Melissa Frey on Jan 18, 20:11

    As temperatures dropped Wednesday, new records were set in Alaska. Most of the Interior dropped to 50 to 60 below zero, including McGrath, which saw some of the coldest temperatures in five years. The official thermometer dropped to 53 degrees below zero, cold enough to cancel school. The principal of the school said 50 below […]

  • Lifestyle

    Providence hospital first in Alaska to install NICU webcams

    by Lauren Maxwell on Jan 18, 19:40

    Parents who’ve had a baby spend time in the neonatal intensive care unit (NICU) of a hospital often say how difficult it is to be separated from their child, even for a short period of time. That’s one of the reasons Providence Alaska Medical Center has become the first hospital in the state to install live-streaming […]

  • News

    Maintenance crews dig out thousands of hydrants after snowstorm

    by Heather Hintze on Jan 18, 19:08

    Maintenance crews are digging out thousands of fire hydrants after the weekend snowstorm. Alaska Water and Wastewater Utility (AWWU) is responsible for clearing about 7,400 hydrants around the Anchorage Bowl. Journeyman Marshall Kennon said he can shovel out up to 50 hydrants a day. That involves clearing a 6-foot diameter around the hydrant, then checking […]

  • Politics

    Watch Live: Gov. Walker gives 2017 State of the State address

    by KTVA CBS 11 News on Jan 18, 18:40

      State of the State Address Wednesday, Jan. 18 at 7 p.m. Watch live coverage of Gov. Bill Walker’s remarks from the Alaska State Capitol in Juneau. (Video will begin shortly before 7 p.m.) Web stream provided by 360 North/Gavel Alaska.  

  • Sports

    Grades cost 2 UAA Seawolves the rest of the women’s basketball season

    by Dave Leval on Jan 18, 18:23

    The University of Alaska Anchorage women’s basketball team is in Seattle. However, two players did not make the trip with the Great Northwest Athletic Conference (GNAC) leaders who will play at rival Seattle Pacific University Thursday. Their seasons are done. Junior guard Kaitlyn Hurley and junior forward Dominique Thomas have been declared academically ineligible by the […]

  • Grunwald case suspect now faces federal child porn charges

    by Shannon Ballard on Jan 18, 17:00

    Devin Peterson’s long list of child pornography-related charges has grown to include two federal charges. If that name sounds familiar, it’s because the 18-year-old is one of the five Valley teens arrested in connection with David Grunwald’s murder. Alaska State Troopers seized Peterson’s phone during that investigation and found a disturbing video that could send […]