Yellen to prevail over Fed critics at Senate hearing

Nov 12 2013, 02:33 IST
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SummaryJanet Yellen will be forced to defend the US Federal Reserve’s ultra-easy monetary policy

Janet Yellen will be forced to defend the US Federal Reserve’s ultra-easy monetary policy when she faces senators later this week, but critics have little hope of sinking her nomination to become the first woman to ever lead the US central bank.

Nominated by President Barack Obama to succeed Fed chairman Ben Bernanke when his term expires in January, Yellen will have to endure plenty of heated anti-Fed rhetoric from Republicans on Thursday, when she appears before the Senate Banking Committee.

The committee, which will vet her for the job before deciding whether to send her nomination to the full Senate for approval, will quiz Yellen from 10 am on November 14.

The central bank's No. 2 official can at least look forward to warm words from Democrats, who hold 12 of the 22 seats on the panel and who appear certain to give their backing.

Since she only needs support from a handful of Republicans to muster the 60 votes necessary to clear procedural hurdles when her nomination reaches the Senate, Yellen should be confident of confirmation. Democrats control the chamber 55-45.

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