Senate sets Monday vote on Janet Yellen to head Fed

U.S. Federal Reserve Vice Chair Yellen testifies on her nomination to be the next chairman of the Fed during a Senate Banking Committee confirmation hearing in WashingtonBy Richard Cowan WASHINGTON (Reuters) – Janet Yellen came a step closer to final approval as the Federal Reserve’s next chair after the U.S. Senate set a Monday vote on President Barack Obama’s choice to succeed Ben Bernanke. The Senate is expected to vote at around 5:30 p.m. EST Monday on Yellen, according to a Senate Democratic leadership aide. Yellen, who would become the first woman to chair the U.S. central bank, would take the reins on February 1, one day after Bernanke ends a two-term stint during which he reached deep into the Fed’s monetary toolbox to try to revive an economy hit by a massive financial crisis that sent it into the worst downturn in decades.

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