President Obama Appoints America’s First Female Central Bank Chief, Janet Yellen

The U.S. Senate Monday voted to confirm
Janet Yellen as the first woman to head the
Federal Reserve, replacing Ben Bernanke.
The Senate voted 56-26 to approve Yellen,
who becomes the 15th leader of the central
bank.
President Obama said Yellen will be “a
fierce champion” for the American people
“who understands that the ultimate goal of
economic and financial policymaking is to
improve the lives, jobs and standard of
living of American workers and their
families.”
“As one of our nation’s most respected
economists and a leading voice at the Fed
for more than a decade — and vice chair for
the past three years — Janet helped pull
our economy out of recession and put us on
the path of steady growth,” Obama said in a
statement issued by the White House.
“Janet is committed to the Fed’s dual
mandate of keeping inflation in check while
also addressing our most important
economic challenge by reducing
unemployment and creating jobs.
“And she understands that fostering a
stable financial system will help the overall
economy and protect consumers. I am
confident that Janet will stand up for
American workers, protect consumers,
foster the stability of our financial system
and help keep our economy growing for
years to come.”
About 15 minutes after the bipartisan vote,
Sens. Jeanne Shaheen, D-N.H., and
Elizabeth Warren, D-Mass., said they
missed the vote because their plane was
delayed returning to Washington. Both
senators said they would have voted to
support Yellen’s nomination had they
arrived in time.
In all, 17 senators were missing from the
floor.
Bernanke’s term ends at the end of the
month.
Previously, Obama had praised Yellen’s
judgment, citing her early warning about
the housing bubble and the recession.
Yellen, 67, is known as a strong advocate of
the Fed’s easy monetary policy, and with
inflation at less than 2 percent she is
expected to keep the Fed’s accommodative
policies in place under her leadership.
Yellen previously was president and chief
executive officer of the Federal Reserve
Bank of San Francisco and chairwoman of
the White House Council of Economic
Advisers under President Bill Clinton.
Yellen is married to George Akerlof, a
Nobel prize-winning economist and
professor emeritus at the University of
California, Berkeley. Son Robert Akerlof is
an assistant professor at the University of
Warwick.























  poPThe U.S. Senate Monday voted to confirm
Janet Yellen as the first woman to head the
Federal Reserve, replacing Ben Bernanke.
The Senate voted 56-26 to approve Yellen,
who becomes the 15th leader of the central
bank.
President Obama said Yellen will be “a
fierce champion” for the American people
“who understands that the ultimate goal of
economic and financial policymaking is to
improve the lives, jobs and standard of
living of American workers and their
families.”
“As one of our nation’s most respected
economists and a leading voice at the Fed
for more than a decade — and vice chair for
the past three years — Janet helped pull
our economy out of recession and put us on
the path of steady growth,” Obama said in a
statement issued by the White House.
“Janet is committed to the Fed’s dual
mandate of keeping inflation in check while
also addressing our most important
economic challenge by reducing
unemployment and creating jobs.
“And she understands that fostering a
stable financial system will help the overall
economy and protect consumers. I am
confident that Janet will stand up for
American workers, protect consumers,
foster the stability of our financial system
and help keep our economy growing for
years to come.”
About 15 minutes after the bipartisan vote,
Sens. Jeanne Shaheen, D-N.H., and
Elizabeth Warren, D-Mass., said they
missed the vote because their plane was
delayed returning to Washington. Both
senators said they would have voted to
support Yellen’s nomination had they
arrived in time.
In all, 17 senators were missing from the
floor.
Bernanke’s term ends at the end of the
month.
Previously, Obama had praised Yellen’s
judgment, citing her early warning about
the housing bubble and the recession.
Yellen, 67, is known as a strong advocate of
the Fed’s easy monetary policy, and with
inflation at less than 2 percent she is
expected to keep the Fed’s accommodative
policies in place under her leadership.
Yellen previously was president and chief
executive officer of the Federal Reserve
Bank of San Francisco and chairwoman of
the White House Council of Economic
Advisers under President Bill Clinton.
Yellen is married to George Akerlof, a
Nobel prize-winning economist and
professor emeritus at the University of
California, Berkeley. Son Robert Akerlof is
an assistant professor at the University of
Warwick.