U.S. Senate Panel Approves Yellen as Fed Chair
    2013-11-21 23:39:38     Xinhua       Web Editor: Wang

The U.S. Senate Banking Committee on Thursday voted to approve Janet Yellen, President Barack Obama's nominee, to lead the U.S. Federal Reserve, sending her nomination to the full Senate for approval.

Yellen, 67, was widely expected to be confirmed by the full Senate to lead the central bank, but the timing of the full Senate vote has not been decided.

If confirmed by the Senate, Yellen will take the helm after outgoing Fed chairman Ben Bernanke's term expires at the end of January 2014, and become the first woman to lead the Fed in its one-century history.

"Yellen is a model candidate for Chair of the Fed. She currently serves as the Vice Chair, she was the President of the San Francisco Fed for 6 years, and she served on the Fed Board of Governors in the 1990s," Senate Banking Committee Chairman Tim Johnson said at a Thursday Executive Session considering her nomination.

"She has devoted a large portion of her professional and academic career to studying the labor market, unemployment, monetary policy, and the economy," Johnson said.

Speaking during a hearing last week at the committee, Yellen said that the Fed has more work to do to bolster the economy which is performing far short of potential.

"Yellen understands the challenges facing our economy and the balance the Fed must strike as we navigate the path back to full employment," Johnson said.

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