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From Banking and Finance Law Daily, January 6, 2014

Yellen confirmed to be Fed chairwoman

By John M. Pachkowski, J.D.

The U.S. Senate has confirmed Janet Yellen, by a vote of 56 to 26, to be the first chairwoman of the Federal Reserve Board. She will also be the first Democratic nominee to run the Fed since President Jimmy Carter named Paul Volcker as chairman in 1979.

The Senate had previously voted on Dec. 20, 2013, to invoke cloture on the Yellen nomination by a vote of 59 to 34 with seven senators not voting. This vote occurred under revised Senate rules, which no longer require 60 votes to invoke cloture for executive branch nominations.

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