Janet Yellen will formally take over the Federal Reserve Feb. 3

WASHINGTON, Jan. 30 (UPI) -- Janet Yellen, 67, will formally take the seat of Federal Reserve chair at 9am on Feb. 3.

Yellen, who was confirmed by the Senate in a 56-26 vote on Jan. 26 as the first woman to lead the Federal Reserve, will technically be chair on Feb. 1, but will not be formally sworn until the following Monday.

She will succeed current chair Ben Bernake as the Fed begins to scale down massive efforts to boost the economy. Yellen's first task as new Fed chair will be to oversee the minimizing of the Reserve's bond-buying program.

[Chicago Tribune]