|File photo shows Vice Chairwoman of the U.S. Federal Reserve (Fed) Janet Yellen testifying during her nomination hearing to chair the Federal Reserve before the Senate Banking Committee on Capitol Hill in Washington D.C., capital of the United States, Nov. 14, 2013. The U.S. Senate confirmed Janet Yellen as the next head of the Federal Reserve on Jan. 6, 2014. She would replace outgoing Fed Chairman Ben Bernanke whose term ends at the end of this month. (Xinhua/Zhang Jun)|
WASHINGTON, Jan. 7 -- Janet Yellen won approval from U.S. Senate on Monday to head the Federal Reserve, becoming the first woman to take the helm of the U.S. central bank in its 100-year history.
Born in 1946, Yellen took office as vice chairwoman of the Federal Reserve since October 2010. Prior to her appointment as vice chairwoman, she has served as president and chief executive officer of the Federal Reserve Bank of San Francisco.
Yellen is professor emeritus at the University of California at Berkeley where she has been a faculty member since 1980.
Yellen took leave from the University of California at Berkeley for five years starting August 1994. She served as a member of the Board of Governors of the Federal Reserve through February 1997, and then left the Fed to become Chair of the Council of Economic Advisers through August 1999 under former President Bill Clinton.
Yellen graduated summa cum laude from Brown University with a degree in economics in 1967, and received her Ph.D. in economics from Yale University in 1971.
She was an assistant professor at Harvard University from 1971 to 1976, and served as an economist with the Federal Reserve between 1977 and 1978, and on the faculty of the London School of Economics and Political Science from 1978 to 1980.
Yellen has written on a wide variety of macroeconomic issues, specializing in the causes, mechanisms and implications of unemployment.
Yellen is the first woman to lead the U.S. central bank in its 100-year history. She is to replace outgoing Fed Chairman Ben Bernanke, whose term ends this month.