Senate confirms Janet Yellen as Federal Reserve Chair

By Alejandro Freixes, CCNN Head Writer

Federal Reserve building
The Eccles Building in Washington, DC is the Federal Reserve System’s headquarters.

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.”

Featured image courtesy of White House. Image of Federal Reserve Board Building courtesy of AgnosticPreachersKid on Wikipedia.