Janet Yellen, the current vice chairwoman of the Federal Reserve, will be the first woman to lead the central bank.

The Senate confirmed Yellen by a 56-26 vote Monday, with support from all 45 Democrats and 11 Republicans. Many senators missed the vote because of weather-related delays.

In a statement, President Obama said he is "confident that Janet will stand up for American workers, protect consumers, foster the stability of our financial system, and help keep our economy growing for years to come."

Yellen, a former academic who was thought to be President Barack Obama's second choice behind Larry Summers, is expected to carry on the ultra-easy monetary policy advocated by outgoing Chairman Ben S. Bernanke.

Summers chose not to pursue the job, making Yellen an obvious choice for a White House not wanting to deal with a lengthy confirmation battle.

At her confirmation hearing, Yellen defended the Fed's controversial bond-buying program and suggested the economic recovery remains too fragile to pull support just yet.

"Under the wise and skillful leadership of Chairman Bernanke, the Fed helped stabilize the financial system, arrest the steep fall in the economy, and restart growth," Yellen told the Committee on Banking, Housing, and Urban Affairs.

"We have made good progress, but we have farther to go to regain the ground lost in the crisis and the recession," she added.

The Fed recently pledged to keep interest rates near zero even when the unemployment rate drops below a target of 6.5 percent from the current 7 percent.

Bernanke steps down at the end of the month. Yellen's first meeting as chair is scheduled for March 18 to 19 in Washington, DC.

RTTNews