The central bank reaches into the lives of millions of Americans. Its two main missions are fostering maximum employment and stabilizing prices. With its power to regulate the supply of money and set interest rates, it influences economic activity, hiring and inflation. It also is the leading regulator of banks and plays a crucial role as the country's lender of last resort when banks can't get their money elsewhere.
In accepting the nomination, Yellen said more still needs to be done to strengthen the recovery. She said the past six years have been tumultuous for the economy and challenging for many Americans. She said that while the recovery is not complete, "we have made progress, the economy is stronger and the financial system is sounder."