Yellen Confirmed as Fed Chairwoman

She's in. On Monday, the Senate confirmed Janet Yellen as chair of the Federal Reserve. She was nominated by President Obama in October after Ben Bernanke announced his January departure, and is the first woman to lead the Fed in its 100-year history. Yellen, who is currently second in command, will take the position on Feb. 1 and chair her first meeting in mid-March. The central bank's biggest challenge to come will be scaling back the economy's government dependency.