Senate backs Yellen at Fed

Tim Wallace
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JANET Yellen was last night approved as the new governor of the Federal Reserve by the US senate.

Yellen has spoken of her desire to keep policy very loose in a bid to cut unemployment further, rather than worrying about price inflation.

President Obama nominated her for the job in October and she will take the reins at the central bank on 1 February. The appointment was approved by a senate vote of 56 to 26, slightly fewer than outgoing chairman Ben Bernanke’s second term approval vote of 70 to 30.