Yellen confirmation hearing set for Nov. 14

Janet Yellen will make her case to be the first female head of the Federal Reserve Nov. 14 before the Senate Banking Committee.

The panel announced Thursday that Yellen’s confirmation hearing would take place in one week.

Yellen, currently the vice chairwoman of the Fed, has been tapped by President Obama to replace current head Ben Bernanke, whose term is set to expire at the beginning of 2014.

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Yellen is likely to face questions from skeptical Republicans who are wary of the Fed’s ongoing efforts to inject stimulus into the economy. Several years of so-called “quantitative easing” has conservatives concerned the Fed is exposing the nation to potentially damaging inflation and could roil markets when it came time to shut off that support.

Yellen has been making the rounds on Capitol Hill in recent weeks, visiting senators to discuss her plans for the central bank.

Early indications are that Yellen likely will be able to garner the votes to confirm. However, her confirmation could prove a bit rocky, as Sen. Rand Paul (R-Ky.) has said he plans to hold up her nomination in an effort to obtain a vote on his legislation that would subject the Fed’s full operations to an audit.

Bernanke has vocally criticized such legislation in the past, arguing it could subject the Fed to inappropriate political pressure.

Much of the Fed’s operations are subject to outside audits, but its monetary policy deliberations still remain private.