Yellen gets final stamp of approval

US President Barack Obama has hailed confirmation of Janet Yellen as the chairperson of the Federal Reserve -- she is the first woman to lead the US top banking authority in 100 years. With the confirmation of Janet Yellen as the next chair of the Federal Reserve, the American people will have a "fierce champion" who understands that the ultimate goal of economic and financial policy-making is to improve the lives, jobs and standard of living of American workers and their families, President Obama said on late Monday. The White House released the statement by the President after U.S. senators voted 56 to 26 to confirm her as the successor to Ben Bernanke. Many senators missed the vote because of inclement weather. Yellen will be the first woman to head the Federal Reserve in its 100-year history. "As one of our nation's most respected economists and a leading voice at the Fed for more than a decade - and vice chair for the past three years - Janet helped pull our economy out of recession and put us on the path of steady growth," Obama said. "Janet is committed to the Fed's dual mandate of keeping inflation in check while also addressing our most important economic challenge by reducing unemployment and creating jobs. And she understands that fostering a stable financial system will help the overall economy and protect consumers." Obama said he was "confident that Janet will stand up for American workers, protect consumers, foster the stability of our financial system and help keep our economy growing for years to come." Source: KUNA