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Senate sets Monday vote on Janet Yellen to head Fed

Janet Yellen came a step closer to final approval as the Federal Reserve's next chair after the U.S. Senate set a Monday vote on President Barack Obama's choice to succeed Ben Bernanke.

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The Senate is expected to vote at around 5:30 p.m. EST Monday on Yellen, according to a Senate Democratic leadership aide.

Yellen, who would become the first woman to chair the U.S. central bank, would take the reins on February 1, one day after Bernanke ends a two-term stint during which he reached deep into the Fed's monetary toolbox to try to revive an economy hit by a massive financial crisis that sent it into the worst downturn in decades.

(Read more: Senate to test vote on Fed chair nominee Yellen)

Yellen has been deeply involved in the decisions to press the Fed into uncharted monetary policy waters, as the Fed's vice chair since 2010 and before that as chief of the San Francisco Fed.


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