Yellen confirmed as Federal Reserve chief

The first woman ever to head the Federal Reserve was confirmed by the Senate yesterday in a 56-26 vote. She takes over at a time that the 2010 Dodd-Frank law requires the central bank to play a greater role in regulating Wall Street.

Reflecting GOP opposition to almost anything proposed by President Obama, Yellen received the fewest votes of any Federal Reserve Chair.

“The American people have a fierce champion who understands that the ultimate goal of economic and financial policy is to improve the lives, jobs and standard of living of America’s workers and their families,” the president said after the confirmation vote.

“We applaud President Obama and the Senate for making sure the most talented and experienced person takes over,” said AFL-CIO president Richard Trumka.

Janet Yellen is a brilliant economist deeply committed to making the economy work for working people and her ascension to the chair knocks a notable hole in the glass ceiling that has for too long kept women from assuming the most powerful jobs in the country.”

Photo: AP



John Wojcik
John Wojcik

John Wojcik is Editor-in-Chief of People's World. He joined the staff as Labor Editor in May 2007 after working as a union meat cutter in northern New Jersey. There, he served as a shop steward, as a member of a UFCW contract negotiating committee, and as an activist in the union's campaign to win public support for Wal-Mart workers. In the 1970s and '80s, he was a political action reporter for the Daily World, this newspaper's predecessor, and was active in electoral politics in Brooklyn, New York.