Senate Approves Yellen to Become Fed Chair

Senate Approves Yellen to Become Fed Chair  (Reuters)

The U.S. Senate voted 56-26 to confirm Janet Yellen as the successor to Fed Chairman Ben Bernanke. However, when Bernanke’s term ends January 31, 2014, Ms. Yellen will not become the next “chairman” of the Fed… for the exact same reason she was not referred to as the “vice chairman” of the Fed in her previous role. As the first woman to lead the Federal Reserve in its 100-year history, Ms. Yellen is being referred to as the “chair” of the Federal Reserve not the “chairman.” In the end, though, no matter what Ms. Yellen is called as she leads the Fed for the next four years, investors can count on her maintaining the same level of commitment toward easy-money policies to aid the United States’ economic and market recovery.