Senate set to OK Yellen as Fed Chair

Congress is due to get back to business today following the winter break, with the Senate expected to approve Janet Yellen as the first female Chairperson of the Federal Reserve.

Senate Democrats want to restore extended unemployment benefits for the long-term jobless, which expired last month and affect 1.3M people. However, they might find it difficult to gather enough GOP votes to pass a procedural ballot; at least one Republican is on side but another four are needed.

Democrats might find it similarly tough to pass a plan to increase the minimum wage to $10.10 an hour over three years from $7.25 currently.

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