By Jon Hilsenrath, Pedro Nicolaci da Costa and Victoria McGrane

The U.S. Federal Reserve enters a year of leadership transition and debates over how to wind down some of its easy money policies as the economy strengthens in 2014.

If all goes according to policy makers’ plans, Janet Yellen will soon succeed Ben Bernanke as Fed leader and quickly face multiple challenges, including guiding Fed policy, forging consensus within a fractious policy committee and honing her public communication skills.

The Senate plans to vote Jan. 6 on her nomination to become Fed chairwoman. She is expected to win confirmation and take the top job Feb. 1.