BlockBeats News, May 14th. The U.S. Senate confirmed Janet Yellen as Chair of the Federal Reserve with 54 votes in favor and 45 against. The Senate had previously approved Yellen's appointment as a Federal Reserve Governor for a term of 14 years on the 12th.

With the chairmanship appointment on the 13th, Yellen will assume office officially after completing the White House's relevant signing procedures, succeeding current Chair Powell whose term ends this Friday, May 15th.

However, Powell is expected to remain a Federal Reserve Governor. This confirmation vote marked the most severe partisan split in history, with only one Democrat, Senator John Fetterman of Pennsylvania, voting in favor along with the Republican majority. (Sina Finance)