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.
    Jim Randle
    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

    How Aleppo Rebels Plan to Withstand Assad's Siege

    Rebels in Aleppo are laying plans to withstand a siege by Syrian President Bashar al-Assad’s forces in likelihood the regime cuts a final main supply line running west of city

    Probe Targeting China's Statistic Head Sparks Concern

    Economists now asking what prompted government to launch an investigation only months after Wang Baoan had been vetted for crucial job

    HRW: Both Sides in Ukraine Conflict Targeted, Used Schools

    Rights group documents how both sides in Ukraine conflict carried out attacks on schools and used them for military purposes

    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.
    Russia's Car Sales Shrink Overall, But Luxury and Economy Models See Growthi
    X
    February 10, 2016 5:54 AM
    Car sales in Russia dropped by more than a third in 2015 because of the country's economic woes. But, at the extreme ends of the car market, luxury vehicles and some economy brands are actually experiencing growth. VOA's Daniel Schearf reports from Moscow.
    Video

    Video Russia's Car Sales Shrink Overall, But Luxury and Economy Models See Growth

    Car sales in Russia dropped by more than a third in 2015 because of the country's economic woes. But, at the extreme ends of the car market, luxury vehicles and some economy brands are actually experiencing growth. VOA's Daniel Schearf reports from Moscow.
    Video

    Video Civil Rights Pioneer Remembers Struggle for Voting Rights

    February is Black History Month in the United States. The annual, month-long national observance pays tribute to important people and events that shaped the history of African Americans. VOA's Chris Simkins reports how one man fought against discrimination to help millions of blacks obtain the right to vote
    Video

    Video Jordanian Theater Group Stages Anti-Terrorism Message

    The lure of the self-styled “Islamic State” has many parents worried about their children who may be susceptible to the organization’s online propaganda. Dozens of Muslim communities in the Middle East are fighting back -- giving young adults alternatives to violence. One group in Jordan is using dramatic expression a send a family message. Mideast Broadcasting Network correspondent Haider Al Abdali shared this report with VOA. It’s narrated by Bronwyn Benito
    Video

    Video Migrant Crisis Fuels Debate Over Britain’s Future in EU

    The migrant crisis in Europe is fueling the debate in Britain ahead of a referendum on staying in the European Union that may be held this year. Prime Minister David Cameron warns that leaving the EU could lead to thousands more migrants arriving in the country. Meanwhile, tension is rising in Calais, France, where thousands of migrants are living in squalid camps. VOA's Henry Ridgwell reports.
    Video

    Video Valentine's Day Stinks for Lebanese Clowns

    This weekend, on Valentine's Day in Lebanon, love is not the only thing in the air. More than half a year after the country's trash crisis began, the stink of uncollected garbage remains on the streets. Step forward "Clown Me In," a group of clowns who use their skills for activism. Before the most romantic day of the year the clowns have released their unusual take on love in Lebanon -- in a bid to keep the pressure up and get the trash off the streets. John Owens reports from Beirut.
    Video

    Video Families Flee Aleppo for Kurdish Regions in Syria

    Not all who flee the fighting in Aleppo are trying to cross the border into Turkey. A VOA reporter caught up with several families heading for Kurdish-held areas of northern Syria.
    Video

    Video Rocky Year Ahead for Nigeria Amid Oil Price Crash

    The global fall in the price of oil has rattled the economies of many petroleum exporters, and Africa’s oil king Nigeria is no exception. As Chris Stein reports from Lagos, analysts are predicting a rough year ahead for the continent’s top producer of crude.
    Video

    Video 'No Means No' Program Targets Sexual Violence in Kenya

    The organizers of an initiative to reduce and stop rape in the informal settlements around Kenya's capital say their program is having marked success. Girls are taking self-defense classes while the boys are learning how to protect the girls and respect them. Lenny Ruvaga reports from Nairobi.
    Video

    Video Chocolate Lovers Get a Sweet History Lesson

    Observed in many countries around the world, Valentine’s Day is sometimes celebrated with chocolate festivals. But at a festival near Washington, the visitors experience a bit more than a sugar rush. They go on a sweet journey through history. VOA’s June Soh takes us to the festival.
    Video

    Video 'Smart' Bandages Could Heal Wounds More Quickly

    Simple bandages are usually seen as the first line of attack in healing small to moderate wounds and burns. But scientists say new synthetic materials with embedded microsensors could turn bandages into a much more valuable tool for emergency physicians. VOA’s George Putic reports.
    Video

    Video Researchers Use 3-D Printer to Produce Transplantable Body Parts

    Human organ transplants have become fairly common around the world in the past few decades. Researchers at various universities are coordinating their efforts to find solutions -- including teams at the University of Pennsylvania and Rice University in Houston that are experimenting with a 3-D printer -- to make blood vessels and other structures for implant. As VOA’s Greg Flakus reports from Houston, they are also using these artificial body parts to seek ways of defeating cancerous tumors.
    Video

    Video Helping the Blind 'See' Great Art

    There are 285 million blind and visually impaired people in the world who are unable to enjoy visual art at a museum. One New York photographer is trying to fix this situation by making tangible copies of the world’s masterpieces. VOA correspondent Victoria Kupchinetsky was there as visually impaired people got a feel for great art. Joy Wagner narrates her report.
    Video

    Video German Artists to Memorialize Refugees With Life Jacket Exhibit

    Sold in every kind of shop in some Turkish port towns, life jackets have become a symbol of the refugee crisis that brought a million people to Europe in 2015.  On the shores of Lesbos, Greece, German artists collect discarded life jackets as they prepare an art installation they plan to display in Germany.  For VOA, Hamada Elrasam has this report from Lesbos, Greece.
    Video

    Video E-readers Help Ease Africa's Book Shortage

    Millions of people in Africa can't read, and there's a chronic shortage of books. A non-profit organization called Worldreader is trying to help change all that one e-reader at a time. VOA’s Deborah Block tells us about a girls' school in Nairobi, Kenya where Worldreader is making a difference.

    World Currencies

    EUR
    USD
    0.8883
    JPY
    USD
    114.96
    GBP
    USD
    0.6869
    CAD
    USD
    1.3858
    INR
    USD
    67.855

    Rates may not be current.