Senate agrees to vote on Yellen for Federal Reserve chair in January

Donna Cassata, The Associated Press 0

WASHINGTON – The Senate will vote on the nomination of Janet Yellen to be the next chairman of the Federal Reserve in January.

Majority Leader Harry Reid announced Thursday night that Republicans and Democrats had worked out an agreement on votes for several of President Barack Obama’s nominees, including Yellen.

The Senate plans a test vote to move ahead on Yellen’s nomination on Friday and will then vote Jan. 6 on her confirmation. The agreement means the Senate, bitterly divided over nominees, will leave town after the Friday votes.

If confirmed, Yellen would be the first woman to lead the Fed and the first Democrat to do so since Paul Volcker stepped down in 1987.

She would succeed Ben Bernanke, whose second four-year term as chairman will end Jan. 31.

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