Senate Panel Clears Yellen/Fed Nomination

(Washington, DC) -- The full Senate will soon consider President Obama's nomination of Janet Yellen to chair the Federal Reserve. Yellen's nomination was cleared by the Senate Banking Committee on a vote of 14-8. The President has nominated Yellen to replace Fed Chairman Ben Bernanke, who will retire early next year. If confirmed, Yellen would become the first woman to hold the top post at the U.S. central bank. She is currently the Fed's vice chairwoman. Yellen is a former president and CEO of the Federal Reserve Bank of San Francisco and also served as a top economic adviser in the Clinton administration.