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

US Imposes Sanctions on Alleged Honduran Drug Gang

Treasury department alleges Los Valles group is responsible for smuggling tens of thousands of kilograms of cocaine into US each month More

At 91, Marvel Creator Stan Lee Continues to Expand his Universe

Company's chief emeritus hopes to interest new generation of children in superheroes of all shapes and sizes by publishing content across multiple media platforms More

Photogallery New Drug Protects Against Virus in Ebola Family

Study by researchers at University of Texas Medical Branch, Tekmira Pharmaceuticals is first looking at drug's effectiveness after onset of symptoms 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.
African Media Tries to Educate Public About Ebolai
X
George Putic
August 20, 2014 8:57 PM
While the Ebola epidemic continues to claim lives in West Africa, information technology specialists, together with radio and TV reporters, are battling misinformation and prejudice about the disease - using social media to educate the public about the deadly virus. VOA’s George Putic has more.
Video

Video African Media Tries to Educate Public About Ebola

While the Ebola epidemic continues to claim lives in West Africa, information technology specialists, together with radio and TV reporters, are battling misinformation and prejudice about the disease - using social media to educate the public about the deadly virus. VOA’s George Putic has more.
Video

Video Ferguson Calls For Justice as Anger, Violence Grips Community

Violence, anger and frustration continue to grip the small St. Louis suburb of Ferguson, Missouri. Protests broke out after a white police officer fatally shot an unarmed black teenager on August 9. The case has sparked outrage around the nation and prompted the White House to send U.S. Attorney Eric Holder to the small community of just over 20,000 people. VOA’s Mary Alice Salinas has more from Ferguson.
Video

Video Beheading Of US Journalist Breeds Outrage

U.S. and British authorities have launched an investigation into an Islamic State video showing the beheading of kidnapped American journalist James Foley by a militant with a British accent. The extremist group, which posted the video on the Internet Tuesday, said the murder was revenge for U.S. airstrikes on militant positions in Iraq - and has threatened to execute another American journalist it is holding. Henry Ridgwell has more from London.
Video

Video Family Robots - The Next Big Thing?

Robots that can help us with daily chores like cooking and cleaning are a long way off, but automatons that serve as family companions may be much closer. Researchers in the United States, France, Japan and other countries are racing to build robots that can entertain and perform some simpler tasks for us. VOA’s George Putic reports.
Video

Video In Ukraine, Fear and Distrust Remain Where Fighting has Stopped

As the Ukrainian military reclaims control of eastern cities from pro-Russian separatists, residents are getting a chance to rebuild their lives. VOA's Gabe Joselow reports from the town of Kramatorsk in Donetsk province, where a sense of fear is still in the air, and distrust of the government in Kyiv still runs deep.
Video

Video Five Patients Given Experimental Ebola Drug Said to Be Improving

The World Health Organization has approved the use of experimental treatments for Ebola patients in West Africa. The Ebola outbreak there is unprecedented, the disease deadly. The number of people who have died from Ebola has surpassed 1,200. VOA's Carol Pearson reports on the ethical considerations of allowing experimental drugs to be used.
Video

Video China Targets Overseas Assets of Corrupt Officials

As China presses forward with its anti-graft effort, authorities are targeting corrupt officials who have sent family members and assets overseas. The efforts have stirred up a debate at home on exactly how many officials take that route and how likely it is they will be caught. Rebecca Valli has this report.
Video

Video Leading The Fight Against Islamic State, Kurds Question Iraqi Future

Western countries including the United States have begun arming the Kurdish Peshmerga forces in northern Iraq to aid their battle against extremist Sunni militants from the Islamic State. But there are concerns that a heavily-armed Kurdistan Regional Government, or KRG, might seek to declare independence and cause the break-up of the Iraqi state. As Henry Ridgwell reports from London, the KRG says it will only seek greater autonomy from Baghdad.
Video

Video In Rural Kenya, Pressure Builds Against Female Circumcision

In some Kenyan communities, female genital mutilation remains a rite of passage. But activists are pushing back, with education for girls and with threats of punishment those who perform the circumcision. Mohammed Yusuf looks at the practice in the rural eastern community of Tharaka-Nithi.

AppleAndroid

World Currencies

EUR
USD
0.7492
JPY
USD
102.27
GBP
USD
0.5960
CAD
USD
1.0950
INR
USD
61.300

Rates may not be current.