By Jueseppi B.
The new Fed chief is expected to be another in a long-line of tough female regulators who have boldly confronted a mostly male world.
Most of the commentary about Janet Yellen, President Obama’s historic choice to lead the Federal Reserve, is focused on her views about controlling inflation and unemployment, the Fed’s twin mandate. (And here, promisingly, the “dovish” Yellen has said clearly that she is more concerned about unemployment, which is a huge problem, than she is about inflation, which presently is not.)
But another huge part of the Fed’s job, especially since the 2008 financial crisis, is re-regulation of the banking system and Wall Street, where Yellen will finish the task that Ben Bernanke started. And here, too, while her track record is not quite as pronounced as it is on monetary policy, she is expected to be very aggressive in reining in risky practices. Yellen, who is almost certain to be confirmed by the Senate, may turn out to be even bolder in her prescriptions than Bernanke or the Obama administration have been, according to officials who have watched Yellen from the inside of the Fed during her three years as vice chairman.
For now, Wall Street is reacting mostly favorably to Yellen’s long-anticipated appointment, thanks to her dovish views on inflation and the likelihood that she will not support “tapering” off Bernanke’s quantitative easing program, so as to spike the economy’s still-tepid growth and ease long-term unemployment.
Janet Louise Yellen (born August 13, 1946) is an American economist and professor who is the Vice Chair of the Board of Governors of the Federal Reserve System. Previously, she was President and Chief Executive Officer of the Federal Reserve Bank of San Francisco, Chair of the White House Council of Economic Advisers under President Bill Clinton, and Professor Emerita at the University of California, Berkeley‘s Haas School of Business.
|Vice Chairperson of the|
October 4, 2010
|Preceded by||Donald Kohn|
|Chairperson of the|
February 18, 1997 – August 3, 1999
|Preceded by||Joseph Stiglitz|
|Succeeded by||Martin Baily|
|Born||Janet Louise Yellen
August 13, 1946
|Alma mater||Brown University
- 1 Early life and education
- 2 Career
- 3 Honors and awards
- 4 Positions held
- 5 External service and assignments
- 6 Selected works
- 7 References
- 8 External links
President Obama nominates Janet Yellen to succeed Bernanke as Fed chairman
Published on Oct 9, 2013
President Barack Obama nominated Janet Yellen, the Federal Reserve’s vice chair, Wednesday afternoon to be chairman of the nation’s powerful central bank. She succeeds Ben Bernanke at a pivotal time for the economy and the Fed’s monetary policies.
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