(VOVworld)- Janet Yellen has been approved by the Senate as the next leader of the U.S. Federal Reserve following her nomination by the US President three months ago. The Senate voted 56-26 to approve Yellen, with this vote, Yellen, 67, will become the first woman to serve as America's banking chief, heading an institution that was established in 1913.

Janet Yellen, a new Federal Reserve Chairwoman


Yellen, who is succeeding Ben Bernanke, has been vice chair of the U.S. central bank since 2010. Yellen will succeed Ben Bernanke, whose second term as chairman of the Board of Governors of the Federal Reserve System ends on Jan. 31. She is widely expected to continue many of the policies and priorities of her predecessor, especially his efforts to rein in unemployment rates. The new chief banker's term will begin as many analysts are watching the Federal Reserve for signs of how it will handle the "tapering" of its quantitative easing to stimulate the U.S. economy. Starting from this January, Federal Reserve accepts to spend 75 billion USD instead of 85 million USD as previous time to buy Treasury and mortgage bonds each month in order to keep interest rates at very low levels so to promote more investments and loans.