Janet Yellen appears set to win U.S. Senate confirmation as the new Federal Reserve chair, Reuters reported.

Yellen would be the first female to serve as Fed chair. She has unified support from Democrats and will only need to pick up a few Republican votes to secure confirmation.

But the debate will likely be contentious, as Tea Party members will use the nomination as a platform to put the Fed's monetary policy on trial.

Yellen is currently the Fed's vice chair. She is considered to be very concerned about high unemployment and one of the Fed officials who is less concerned about inflation.

Yellen would be expected to take a more hands-on role in bank regulation, according to this article in American Banker.

She has significant bank regulatory experience, having served as the head of the Federal Reserve Bank of San Francisco for six years.