Janet Yellen close to top Fed job

<p>Janet Yellen is likely to become the new head of the Federal Reserve.</p>

Janet Yellen has moved another step towards becoming the new chair of the Federal Reserve in the US after winning the approval of a Senate banking committee.

Ms Yellen had already been put forward by US president Barack Obama and her appointment as the replacement for Ben Bernanke now looks like a formality.

Former Treasury Secretary Larry Summers pulled out of the race in September and Ms Yellen has been the clear favourite to take over the position since then.

The full Senate is now expected to give the green light for Ms Yellen to become the chair of the Fed in the coming weeks, confirming her promotion from deputy chair.

But it is not expected that her arrival as the new chair of the Federal Reserve will have much impact on the monetary policy of the US.

Earlier in the week, the Fed's latest minutes were released and showed the body is considering tapering off its quantitative easing scheme if the country's economic growth continues.

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