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Senate Banking Committee Approves Yellen Nomination for Fed Chair

The ""Senate Banking Committee"":http://www.banking.senate.gov/public/index.cfm?FuseAction=Home.Home has voted to approve ""Janet Yellen's"":http://www.federalreserve.gov/aboutthefed/bios/board/yellen.htm nomination to chair the ""Federal Reserve"":http://www.federalreserve.gov/default.htm, bringing Yellen one step closer to being the first woman to serve as head of the country's central bank.

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The committee approved Yellen's nomination by a vote of 14-8, passing it to the Senate floor for a final vote.

Currently serving as the Fed's vice chair, Yellen is viewed by many on Wall Street as a ""dove"" on monetary policy [COLUMN_BREAK]

who is more concerned with unemployment than inflation.

In her nomination hearing before the committee on November 14, she defended steps the Fed took to stabilize the economy following the economic crash, putting an emphasis on the number of jobs regained. Like her predecessor, Ben Bernanke, she is expected to push for accommodative monetary policy as the economy slowly recovers.

With Senate Democrats and several Republicans supporting her nomination, her confirmation seems likely.

In remarks given at the approval hearing, Senate Banking Committee Chairman Tim Johnson (D-South Dakota) praised Yellen, calling her ""a model candidate for Chair of the Fed.""

""As we saw in her testimony last week, Dr. 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. ""I am proud to offer my support for Dr. Yellen to serve as the first female Chair of the Federal Reserve.""

About Author: Ashley Harris

Ashley R. Harris is the Editor-in-Chief for MReport and TheMReport.com and the acting Editor-in-Chief of DS News and DSNews.com. Ashley has years of experience as a financial writer having worked at The Houston Chronicle and Newsweek. She received her B.S. in journalism from the University of Houston and her M.S. in journalism from Columbia University School of Journalism.
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