On the first day of legislative business after a holiday recess, the Senate on Monday confirmed the nomination of Janet Yellen to chair the Federal Reserve.

The Senate confirmed Yellen by a 56-26 vote. Eighteen senators either were not present or did not vote. Eleven Republican senators joined all present Democrats in voting to confirm Yellen.

Yellen's confirmation clears the way for her to become the most powerful woman in American history, as the Fed has tremendous independence and influence on the U.S. and world economies. She is the first female chair of the Fed, and she succeeds the outgoing Ben Bernanke.



President Barack Obama nominated Yellen to the post in early October.

Yellen, who has been serving as the Fed's vicechair since 2010, will begin her term on Feb. 1.