Janet Yellen: World's most powerful central banker

Janet Yellen: World's most powerful central banker
Janet Yellen

WASHINGTON - The US Senate's approval on Monday of Janet Yellen to lead the US Federal Reserve puts a woman at the head of the world's most powerful central bank for the first time.

Few doubt her qualifications to take on the job of shepherding the US economy back to sustained growth, after the deep damage done by the Great Recession of 2008 and 2009.

The veteran economist has done long service both as an academic and at the Fed, serving as vice chair and a close ally to the outgoing chairman, Ben Bernanke, for the past four years.

She esd as much a part of the Fed's programme to further boost growth to reduce joblessness as was Bernanke, and has been a key driver of the recent push to make its intentions more clear to the public.

When nominating her in October, President Barack Obama called her "exceptionally qualified" for what he said was one of the most important jobs in the world.

"She is a proven leader, and she's tough. Not just because she is from Brooklyn," Obama joked, in reference to a New York borough notorious for producing no-nonsense characters.

He cited her record of having "sounded the alarm early" about the housing and financial bubble that led to the 2008-2009 recession.

"It's more important than ever that we have strong regulators like Janet Yellen... who isn't afraid to act when they find abuses that put Americans at risk," Democratic Senator Sherrod Brown said.

At 67, she has also built a strong reputation as an academic economist, teaching at the University of California at Berkeley.

Her family is a mini-economic think tank. Husband George Akerlof is a winner of the Nobel Prize in economics, and is currently Senior Resident Scholar at the International Monetary Fund.

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