The woman nominated by President Obama to be the Federal Reserve’s next chief is putting jobs and economic stability at the top of her priorities.
Already the institution’s vice chair Janet Yellen who is an advocate of the central banks’ aggressive actions to stimulate growth, will take over from Ben Bernanke when he steps down in January
Making her first speech at her official nomination Janet Yellen said:
“The past past six year have been tumultuous for the economy and challenging for many Americans. While I think we all agree, Mr President, that more needs to be done to strengthen the recovery, particularly for those hardest hit by the Great Recession.”
Yellen still has to go before the Senate Banking Committee where Republican opposition could lead to a tense hearing before her nomination is confirmed by a full Senate vote.
Analyst Stephen Oliner, who is Resident Scholar at the American Enterprise Institute, is confident she will handle the tough grilling:
“I think they’ll really question her about her tolerance for inflation because there is this widespread perception that somehow she is soft on inflation, which I think is actually a misconception, and I would expect her to answer that quite satisfactorily.”
At least Yellen’s nomination was well received by the markets welcoming any distraction from the ongoing political deadlock on capitol hill.