By Alejandro Freixes, CCNN Head Writer
The US Federal Reserve, which is America’s main bank, has a historic new leader: 67-year-old Janet Yellen, the first woman to ever become the Chairperson.
Whereas the US Treasury collects taxes and manages government cash, the Federal Reserve focuses on making sure our money stays valuable by balancing borrowing and lending.
Yellen, who is replacing the former Chair, Ben Bernanke, was nominated by President Barack Obama as a candidate back in October. The Senate of the US Congress voted 56-26 on Monday to officially confirm Yellen, who was previously vice chairwoman of the Federal Reserve.
Obama offered supporting words, expressing, “The American people will have a fierce champion who understands that the ultimate goal of economic and financial policymaking is to improve the lives, jobs, and standard of living of American workers and their families.”