The Senate confirmed Yellen by a 56-26 vote. Eighteen senators either were not present or did not vote. Eleven Republican senators joined all present Democrats in voting to confirm Yellen.
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 in its 100-year history, and she succeeds the outgoing Ben Bernanke.
Yellen, who has been serving as the Fed's vicechair since 2010, will begin her term on February 1st, and chair her first meeting in mid-March.
"Immediately following that vote, the Senate was going to move on to a cloture vote on a three-month extension of unemployment benefits for the long-term unemployed. They were proceeding to the vote with just a few minutes of debate when Sen. John Cornyn (R-TX) stood up to whine about the fact that 17 senators weren't able to be there to vote because of the weather, and that it was all politics on Reid's part to make Republicans look bad. He demanded the vote be rescheduled, so Reid promptly asked for unanimous consent that the vote be postponed until 10:00 AM Tuesday."
So, Harry Reid is to blame for this Polar Vortex? That's one powerful dude.
We've already discussed here some of the reasons why Larry Summers would make a terrible choice for head of the Federal Reserve. Sen. Elizabeth Warren, among others have signed a letter backing his rival for the position, Janet Yellen instead, and this Sunday, her colleague Sen. Diane Feinstein voiced her support for Yellen as well. Read more...
President Obama will discuss the implementation of the Dodd-Frank reform bill with financial regulators at the White House on Monday, which comes as the President has been debating who will replace Ben Bernanke as head of the new Federal Reserve. Read more...