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Yellen sworn in as new Fed Chair

Posted on Tuesday, February 4, 2014 at 9:30:40 AM

Feb. 3 marked an important day for the U.S. economy, as the Federal Reserve gained a new leader in Washington, D.C.

Janet Yellen has officially replaced former Chairman Ben Bernanke, who has moved to the Brookings Institution as a distinguished fellow in residence, according to Bloomberg. Yellen is now the top policy maker, with a large number of important financial tasks in front of her. Of note is the central bank's bond purchase program, which has done a lot for the housing market, residential financing and other economic sectors throughout the country. 

Her term will continue through Feb. 3, 2018, Bloomberg reported. She is set to speak in front of the House Financial Services Committee later in February, followed by an appearance with the Senate Banking Committee.

Yellen's appointment is significant for several reasons, according to Time magazine. She is the first woman to lead the central bank, and she also takes an open view when it comes to financial reform. It is expected that Yellen will continue to reduce the quantitative easing policy she was so instrumental in creating, and odds are she will place an emphasis on balancing markets and the economy moving forward.