Wall Street All Ears as Janet Yellen Hearing Begins

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President Barack Obama's pick to lead the Federal Reserve faced the Senate Thursday for her confirmation hearing.

Janet Yellen has been the Federal Reserve's Vice-Chair since 2010.

"We've made good progress, but we have further to go to regain the ground lost in the crisis and the recession," Yellen said. "I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy."

Yellen defended the current stimulus efforts, including the controversial bond-buying program designed to keep interest rates low.

She admitted the program can't continue indefinitely, but will remain until the economy shows further improvement.

Yellen could see some tough grilling from Republicans who are concerned the Fed's stimulus effort is increasing the risk of high inflation.

She has also been a champion of current Fed Chairman Ben Bernanke's easy money policies, which include keeping short-term interest rates near zero.

Yellen is expected to win confirmation from the Democrat-controlled Senate. That would make her the first woman to lead a major central bank.

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