The Senate has confirmed Janet Yellen as chairman of the Federal Reserve by a vote of 56 to 26, succeeding Ben Bernanke, whose term ends on Jan. 31.

She will be the first woman to be in charge of the Fed. Yellen, 67, has been vice-chair of the Federal Reserve and was previously president and CEO of the Federal Reserve Bank of San Francisco, chair of the White House Council of Economic Advisers during the Clinton administration, and a professor at the University of California Berkeley’s Haas School of Business.

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