Yellen, 74, was confirmed by the Senate in a broad bipartisan support of 84-15 votes on Monday. Both the Democratic and the Republican parties have 50 members in the 100-seat Senate.
In India we have to be careful not to copy any level of dependence on the financial sector and infatuation with the get-rich-quick syndrome, says Jaimini Bhagwati.
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Given the 18-day government shutdown in the US and the likelihood for continued wrangling between the Democrats and the Republicans, it now looks like tapering may be off the table till the first quarter of 2014.
The nomination would put Yellen on course to be the first woman to lead the institution.
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