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07/01/2014 07:29pm

Yellen, first woman in 100 yrs to head US Central Bank

image Yellen, first woman in 100 yrs to head US Central Bank
Washington, Jan 7 (KNN) For the first time in the 100 years history of the US Central Bank, Janet Yellen, a woman, has been confirmed as the new chairperson of the Federal Reserve by US Senate.

This is for the first time that a woman would be heading a major central bank.

Yellen, 67, will replace current chairman Ben Bernake who will be stepping down on January 31 after heading the bank for eight years.

US President Barack Obama cheered the Senate approval, saying Yellen would serve the central bank and the country well. 

Ben Bernanke steps down on January 31 after eight years in the job, during which the pair dealt with the country's worst economic crisis since the Great Depression. 

Bernanke's successor's main task will be ensuring the US economy does not slip backwards at a time when other countries are beset by weakness. 

US is still recovering from the 2008 financial crisis and recession. America’s jobless rate fell to 7.0 per cent in November. 

Yellen is married to economics Nobel Prize winner George Akerlof.

Yellen studied the roots of unemployment at the University of California at Berkeley. She received her doctorate in economics from Yale University under the mentorship of Nobel laureate James Tobin.  (KNN Bureau)

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