us-news

US Senate confirms Yellen as Federal Reserve chief

Washington, Jan 7 : The US Senate Monday confirmed Janet Yellen as the next head of the Federal Reserve, to succeed outgoing Fed chairman Ben Bernanke, whose term ends at the end of this month.


The Senate voted 56-26 to approve the confirmation, with 11 Republicans joining Democrats in voting for Yellen, Xinhua reported.

Yellen, currently the Fed's vice chair, would become the first woman to take the helm of the US central bank in its 100-year history.

She was nominated by US President Barack Obama for the post in October and would be the first Democrat to serve the job since 1987.

Born in 1946, Yellen has been vice chair of the Fed since 2010. She is considered an influential architect of the Fed's extraordinary measures to revive the economy through clearer policy communication and large-scale asset purchases after the interest rates were reduced to near zero in late 2008.

In her recent remarks, Yellen voiced concerns about high unemployment and spoke in favour of the Fed's bond-buying programme as a way to stimulate the economy.

The widely-scrutinised Fed's policy shift comes at a delicate moment when the US central bank had just begun gradually normalising its monetary policy after a string of data pointed to a better-than-expected growth rate and steady improvement in the labour market.

In December, the Fed announced that it would start in January tapering its purchases of treasury and mortgage-backed debt to a pace of $75 billion a month from $85 billion a month.

--IANS (Posted on 07-01-2014)

us-news headlines

US Treasury declines to name China as currency manipulator

Ron Somers quits as head of US-India business body

US Airways tweets obscene pic in reply to 'disgruntled' passenger's complaint

US Airways tweets porn image, apologises

Rockets finally take down Spurs

US varsity to connect Indian researchers to the world

Corporate America committed to long-term investment in India

Miss America Nina Davuluri to join White House Easter Egg Roll

Corruption issue to resonate among Indians in the elections: Gallup poll

Pentagon says Russian jet flies near US warship

American women forgoing motherhood for pooches: Study

Woman arrested for killing her seven babies in US

Quick Links: Goa | Munnar | Pondicherry | Free Yearly Horoscope '2014

Comments

Your e-mail:


Your Full Name:


Type verification image:
verification image, type it in the box

Message:

Back to Top