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January 02, 2014 AT 11:57 AM
According to a Senate Democratic leadership aide, The U.S. Senate has set a Monday vote on President Barack Obama's choice of Janet Yellen to chair the Federal Reserve and replace Ben Bernanke. The Senate is expected to vote at around 5:30 p.m. EST (2230 GMT) Monday on Yellen, who would become the first woman to chair the U.S. central bank. On December 20, the Senate voted 59-34 to move forward with the nomination, indicating she had enough support to win confirmation. Bernanke's second four-year term expires on January 31.