News / Economy

New Fed Chief Faces Reporters

New Fed Chief Faces Reportersi
X
Jim Randle
March 15, 2014 12:30 PM
The new head of the U.S. Federal Reserve, Janet Yellen, is busy trying to bolster the economy, cut unemployment and watch out for inflation. As VOA’s Jim Randle reports, she says better communication about economic issues and policies will help the economy.
The new head of the U.S. Federal Reserve, Janet Yellen, is busy trying to bolster the economy, cut unemployment and watch out for inflation.  On Wednesday she will face reporters for the first time as Fed chief, a job that makes her one of the world's most powerful bankers and most important women.  She says better communication about economic issues and policies will help the economy.

When Janet Yellen talks, powerful people listen.

The Federal Reserve chair has been briefing congressional committees about efforts to speed up the economic recovery and improve the job market without sparking inflation.

She said a Fed program using bond purchases to push down long-term interest rates was not being cut back too slowly - or too quickly.

It’s an example of the economics professor putting her teaching and communications skills to work.

“I strongly believe that monetary policy is most effective when the public understands what the Fed is trying to do and how it plans to do it,” she said.

President Obama picked Yellen to be the first woman to head the Fed, in part because she could relate to ordinary people. 

“Too many American still can’t find a job and worry how they will pay their bills and provide for their families," she said.

Obama said Yellen was also tough, effective, and skillful.

“She sounded the alarm early about the housing bubble, about excesses in the financial sector and about the risks of a major recession,” he said.

Besides her experience in dealing with Congress, Yellen has also been second-in-command at the Fed, head of the Federal Reserve Bank in San Francisco, and a presidential economic advisor.

She is an economics professor, a researcher, and teacher at the University of California at Berkeley and other top schools.

An academic colleague, who has known Yellen for decades, says she will do well leading the Fed because she listens to the opinions of others, is good at putting people at ease, and even learned from her students who come to Berkeley from all over the world.

In a Skype interview, Berkeley professor Jim Wilcox said Yellen could also use humor to defuse a tense meeting, but was probably not the one in the middle of the room telling a joke.

"She does have a good sense of humor.  She is more likely to be on the demand side than the supply side [more likely to laugh at a joke then to tell one] when it comes to jokes, she appreciates a good joke," he said.

Economics is a family affair for Yellen, who is married to a Nobel-prize winning economist and their son is an economics professor.

“I would also like to thank my spouse George, and my son Robert. I couldn’t imagine taking on this new challenge without their love and support," she said.

Between the fragile U.S. economy and Washington's tangled politics, Yellen will need all the family support and personal skill she can muster.

You May Like

Video US, Japan Offer Lessons as Eurozone Launches Huge Stimulus

Euro falls after European Central Bank announces a bigger-than-expected $67 billion-a-month quantitative easing program More

Saudi King’s Death Clears Succession Route

Prince Mohammed Bin Nayef is Saudi Arabia's New Crown Prince-in-waiting More

Cloud Hangs Over US Counterterrorism Efforts in Yemen

Sources say resignations of Yemen's president, government has left US anti-terror operations 'paralyzed,' yet an American military 'footprint' remains More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Worldwide Photo Workshops Empower Youthi
X
Julie Taboh
January 23, 2015 11:08 PM
Last September, 20 young adults from South Sudan took part in a National Geographic Photo Camp. They are among hundreds of students from around the world who have learned how to use a camera to tell the stories of the people in their communities through the powerful medium of photography. Three camp participants talked about their experiences recently on a visit to Washington. VOA’s Julie Taboh reports.
Video

Video Worldwide Photo Workshops Empower Youth

Last September, 20 young adults from South Sudan took part in a National Geographic Photo Camp. They are among hundreds of students from around the world who have learned how to use a camera to tell the stories of the people in their communities through the powerful medium of photography. Three camp participants talked about their experiences recently on a visit to Washington. VOA’s Julie Taboh reports.
Video

Video US, Japan Offer Lessons as Eurozone Launches Huge Stimulus

The Euro currency has fallen sharply after the European Central Bank announced a bigger-than-expected $67 billion-a-month quantitative easing program Thursday - commonly seen as a form of printing new money. Henry Ridgwell reports for VOA from London on whether the move might rescue the eurozone economy -- and what lessons have been learned from similar programs around the world.
Video

Video Nigerian Elections Pose Concern of Potential Conflict in 'Middle Belt'

Nigeria’s north-central state of Kaduna has long been the site of fighting between Muslims and Christians as well as between people of different ethnic groups. As the February elections approach, community and religious leaders are making plans they hope will keep the streets calm after results are announced. Chris Stein reports from the state capital, Kaduna.
Video

Video As Viewership Drops, Obama Puts His Message on YouTube

Ratings reports show President Obama’s State of the Union address this week drew the lowest number of viewers for this annual speech in 15 years. White House officials anticipated this, and the president has decided to take a non-traditional approach to getting his message out. VOA White House correspondent Luis Ramirez reports.
Video

Video S. Korean Businesses Want to End Trade Restrictions With North

Business leaders in South Korea are calling for President Park Geun-hye to ease trade restrictions with North Korea that were put in place in 2010 after the sinking of a South Korean warship.Pro-business groups argue that expanding trade and investment is not only good for business, it is also good for long-term regional peace and security. VOA’s Brian Padden reports.
Video

Video US Marching Bands Grow Into a Show of Their Own

The 2014 Super Bowl halftime show was the most-watched in history - attracting an estimated 115 million viewers. That event featured pop star Bruno Mars. But the halftime show tradition started with marching bands, which still dominate the entertainment at U.S. high school and college American football games. But as Enming Liu reports in this story narrated by Adrianna Zhang, marching bands have grown into a show of their own.
Video

Video Secular, Religious Kurds Face Off in Southeast Turkey

Turkey’s predominantly Kurdish southeast has been rocked by violence between religious and secular Kurds. Dorian Jones reports on the reasons behind the stand-off from the region's main city of Diyarbakir, which suffered the bloodiest fighting.
Video

Video Kenya: Misuse of Antibiotics Leading to Resistance by Immune System

In Kenya, the rise of drug resistant bacteria could reverse the gains made by medical science over diseases that were once treatable. Kenyans could be at risk of fatalities as a result if the power in antibiotics is not preserved. Lenny Ruvaga has more on the story from Nairobi.
Video

Video Solar-Powered Plane Getting Ready to Circumnavigate Globe

Pilots of the solar plane that already set records flying without a drop of fuel are close to making their first attempt to fly the craft around the globe. They plan to do it in 25 flying days over a five month period. VOA’s George Putic reports.
Video

Video How Experts Decide Ethiopia Has the Best Coffee

Ethiopia’s coffee has been ranked as the best in the world by an international group of coffee connoisseurs. Not surprisingly, coffee is a top export for the country. But at home it is a source of pride. Marthe van der Wolf in Addis Ababa decided to find out what makes the bean and brew so special and how experts make their determinations.
Video

Video Yazidi Refugees at Center of Political Fight Between Turkey, Kurds

The treatment of thousands of Yazidis refugees who fled to Turkey to escape attacks by Islamic State militants has become the center of a dispute between the Turkish government and the country's pro-Kurdish movement. VOA's Dorian Jones reports.
Video

Video World’s Richest 1% Forecast to Own More Than Half of Global Wealth

The combined wealth of the world's richest 1 percent will overtake that of the remaining 99 percent at some point in 2016, according to the anti-poverty charity Oxfam. Campaigners are demanding that policymakers take action to address the widening gap between the ‘haves’ and the ‘have nots’, as Henry Ridgwell reports for VOA from London.

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More

All About America

AppleAndroid

World Currencies

EUR
USD
0.8930
JPY
USD
117.98
GBP
USD
0.6673
CAD
USD
1.2445
INR
USD
61.498

Rates may not be current.