Federal Reserve Vice Chairwoman Janet Yellen is poised to be the first-ever woman to become head of the Federal Reserve, a position that will make her both the most important person in American finance and arguably the most important person in the world, TIME reported.

As head of the Federal Reserve, Yellen will work to mend financial problems in the United States, the world's largest economy. Yellen, who has served at the Federal Reserve for 36 years, plans to focus on unemployment if she is selected.

"We know that those long spells of unemployment are particularly painful for such households," she said of the record number of long-term unemployed people around the country.

She supports the Federal Reserve's record $85 billion a month spending on assets, saying, "The benefits exceed the costs," but realizes the buying spree can't continue for too long.

"I would agree that this program cannot continue forever," she said, adding that the Fed takes risks to financial stability "very seriously."

Yellen is being grilled by the Senate Banking committee as part of the process to confirm her as head of the Federal Reserve.

Described as "soft-spoken," Yellen has a distinctly different public speaking style in comparison to Federal Reserve Chairman Ben Bernanke, whom she will likely succeed, Forbes reported.

"[She] chooses to deconstruct every argument, answering every point from a technical perspective," the outlet described. "After giving some creed to other opinions, though, she will stand her ground." 

Senators quizzed Yellen on such topics as asset bubbles, gold prices and the housing market.

When questioned about rising prices for homebuilder stock and the major financial businesses that are buying up single family homes, Yellen called them "a rational response by the market."  

The housing market is particularly significant as something Bernanke has touted as a success during his tenure.

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