Senate ready to OK Brooklyn native Yellen to lead Federal Reserve
WASHINGTON (AP) — The Senate appeared ready Monday to confirm Janet Yellen as the first woman to lead the Federal Reserve, elevating an advocate of fighting unemployment and a backer of the central bank’s efforts to spur the economy with low interest rates and massive bond purchases.
Yellen, 67, would replace Ben Bernanke, who is stepping down after serving as chairman for eight years that included the Great Recession and the Fed’s efforts to combat it. She was expected to win confirmation easily in Monday’s vote, with solid support from Democrats and backing from a sizable minority of Republicans.
Vice chair of the Fed since 2010, Yellen would begin her four-year term as leader of the century-old bank on Feb. 1. With the economy rebounding from the depths of the recession but only modestly so far, many economists expect her to focus on how to nurture growth without putting it into overdrive, which could risk fueling inflation.
“The big debate will be when the Fed should tighten and how much, rather than when to step on the gas pedal and how hard,” predicted Bill Cheney, chief economist for John Hancock Financial Services, who envisions a growing economy this year.