Obama welcomes Yellen Fed appointment

<p>Janet Yellen is the new chair of the Federal Reserve.</p>

US president Barack Obama has welcomed the appointment of Janet Yellen as the new chair of the Federal Reserve.

Ms Yellen takes over the position from Ben Bernanke and was the favoured candidate of Mr Obama. Her appointment was confirmed by the US Senate.

Only 26 senators opposed the move, with 56 giving their backing to Ms Yellen.

President Obama welcomed the result of the vote, saying in a statement: "The American people will have a fierce champion who understands that the ultimate goal of economic and financial policymaking is to improve the lives, jobs and standard of living of American workers and their families."

Ms Yellen's appointment has also got the approval of Bill Rhodes, president of William R Rhodes Global Advisors, who said the economist has sometimes been underrated.

"She is a strong person but she is also one who is open to other people's opinion and learns quickly," he said.

Ms Yellen's major task will be to oversee a relaxing of the Fed's monetary policy, a move that is likely to impact stocks around the world.

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