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SENATE CONFIRMS JANET YELLEN TO LEAD THE FED

Brett LoGiuratoJan 7, 2014, 04:30 IST

On the first day of legislative business after a holiday recess, the Senate on Monday confirmed the nomination of Janet Yellen to chair the Federal Reserve.

Votes are still being counted, but Yellen has garnered a majority of senators' votes.

Yellen's confirmation clears the way for her to become the most powerful woman in American history, as the Fed has tremendous independence and influence on the U.S. and world economies. She is the first female chair of the Fed, and she succeeds the outgoing Ben Bernanke.

President Barack Obama nominated Yellen to the post in early October.

More to come...