The US Senate has announced Janet Yellen will head the US Federal Reserve.
Fifty-six senators voted in favour of Yellen with 26 opposed. Many members of the chamber were unable to attend the vote because of bad weather.
According to the BBC, Yellen is the first woman to lead the central bank in its 100-year history.
President Barack Obama welcomed the vote, saying that Americans 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 people.
Originally from Brooklyn, New York, Yellen served as chair of former US President Bill Clinton's Council of Economic Advisers.
She was also an economics professor at the University of California, Berkeley, the report said.
Although the central bank announced plans to cut its purchases from 85 billion dollars a month to 75 billion dollars a month in December, Yellen faces the difficult task of assessing when and how to ease stimulus efforts, it added.