Federal Reserve Chair Janet Yellen gave her semi-annual report on the U.S. economic outlook for the year and the future monetary policy. Chairman Yellen said that while the economy was improving, unemployment remained high, and job recovery was far from complete. She said that the board would also continue its work on regulatory reform. Prior to this, she had been the vice chair of the Federal Reserve System Board of Governors. This was the first committee hearing attended by Ms. Yellen as chair of the board. She was congratulated on being the first woman to be chair.