News / USA

US Republican Senator Corker to Support Yellen as Fed Chief

Sen. Bob Corker, ranking Republican on the Senate Foreign Relations Committee, speaks to members of the media following a meeting with President Barack Obama, outside the West Wing of the White House in Washington, Nov. 19, 2013.
Sen. Bob Corker, ranking Republican on the Senate Foreign Relations Committee, speaks to members of the media following a meeting with President Barack Obama, outside the West Wing of the White House in Washington, Nov. 19, 2013.
Reuters
Janet Yellen's bid to lead the Federal Reserve won a significant boost on Wednesday when one of her biggest critics in the U.S. Senate said he had decided to support her nomination.

Republican Senator Bob Corker from Tennessee said in a statement that he would set aside his reservations about Yellen because he believes she will bring more transparency to the U.S. central bank and has pledged to reduce Fed bond purchases as soon as economic data support such a move.

“In the end, I do believe she has the qualifications necessary to be the Fed chairman and plan to support her nomination,” said Corker, who voted against Yellen's nomination as Fed vice chair in 2010.

Corker is a member of the Senate Banking Committee, which will vote on Thursday on whether to send Yellen's nomination to the full Senate. Although she is expected to win confirmation relatively easily, Corker's support could help persuade a handful of other Senate Republicans to drop their opposition.

Yellen's nomination needs 60 votes to overcome procedural hurdles in the Senate, where Democrats control 55 votes.

Corker said he had changed his mind as a result of discussions with Yellen.

“I would prefer to see someone who held a more modest view regarding the limits of monetary policy on our economy, and I have been clear about that,” said Corker, a longtime critic of the Fed's bond-buying program aimed at holding down borrowing costs.

“During our discussions, she made a commitment to moderate purchases as soon as she believes the data supports that action and shows that the current status cannot continue,” he said.

He added that he was concerned about Yellen's lack of experience in regulation of large, systemically important financial institutions and said he hopes she will “work hard to overcome this deficit and not just rely on others on the Fed board for this expertise.”

Corker also said he hopes Yellen will develop a cadre of market experts and practitioners who can help advise her in the event of another financial crisis.

“As a result of these conversations, I do believe she will bring a more transparent approach to Fed decisions and guidance,” said Corker. “She will approach decisions with a more rules-based methodology. She understands that monetary policy is a blunt object, that distortions are occurring, and that the affluent disproportionately benefit from easy money policies.”

You May Like

US Firms Concerned About China's New Cyber Regulations

New rules would require technology companies doing business in financial sector to hand over their source code, adopt Chinese encryption algorithms More

WHO Focus on Ebola Shifts to Ending Outbreak

Focus to be less on building facilities and more on efforts to find infected people, manage their cases, engage with communities and ensure proper burials More

US Scientist Who Conceived of Groundbreaking Laser Technology Dies

Charles Townes, Nobel laureate, laser co-creator paved way for other scientific discoveries: CDs, eye surgery, metal cutters to name a few technologies that rely on lasers More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Super Bowl Ads Compete for Eyes on TV, Webi
X
January 29, 2015 9:58 AM
Super Bowl Sunday (Feb. 1) is about more than just the NFL's American football championship and big parties to watch the game. Viewers also tune in for the world famous commercials that send Facebook and Twitter abuzz. Daniela Schrier reports on the social media rewards for America’s priciest advertising.
Video

Video Super Bowl Ads Compete for Eyes on TV, Web

Super Bowl Sunday (Feb. 1) is about more than just the NFL's American football championship and big parties to watch the game. Viewers also tune in for the world famous commercials that send Facebook and Twitter abuzz. Daniela Schrier reports on the social media rewards for America’s priciest advertising.
Video

Video Theologians Cast Doubt on Morality of Drone Strikes

In 2006, stirred by photos of U.S. soldiers mistreating Iraqi prisoners, a group of American faith leaders and academics launched the National Religious Campaign Against Torture. It played an important role in getting Congress to investigate, and the president to ban, torture. VOA's Jerome Socolovsky reports.
Video

Video Freedom on Decline Worldwide, Report Says

The state of global freedom declined for the ninth consecutive year in 2014, according to global watchdog Freedom House's annual report released Wednesday. VOA's William Gallo has more.
Video

Video As Ground Shifts, Obama Reviews Middle East Strategy

The death of Saudi Arabia’s king, the collapse of a U.S.-friendly government in Yemen and a problematic relationship with Israel’s leadership are presenting a new set of complications for the Obama administration and its Middle East policy. Not only is the U.S. leader dealing with adversaries in Iran, the Islamic State and al-Qaida, but he is now juggling trouble with traditional allies, as White House correspondent Luis Ramirez reports.
Video

Video MRI Seems to Help Diagnose Prostate Cancer, Preliminary Study Shows

Just as with mammography used to detect breast cancer, there's a lot of controversy about tests used to diagnose prostate cancer. Fortunately, a new study shows doctors may now have a more reliable way to diagnose prostate cancer for high risk patients. More from VOA's Carol Pearson.
Video

Video Smartphones About to Make Leap, Carry Basic Senses

Long-distance communication contains mostly sounds and pictures - for now. But scientists in Britain say they are close to creating additions for our smartphones that will make it possible to send taste, smell and even a basic touch. VOA’s George Putic reports.
Video

Video NASA Monitors Earth’s Vital Signs From Space

The U.S. space agency, NASA, is wrapping up its busiest 12-month period in more than a decade, with three missions launched in 2014 and two this month, one in early January and the fifth scheduled for January 29. As VOA’s Rosanne Skirble reports, the instruments being lifted into orbit are focused on Earth’s vital life support systems and how they are responding to a warmer planet.
Video

Video Saved By a Mistake - an Auschwitz Survivor's Story

Dagmar Lieblova was 14 when she arrived at Auschwitz in December 1943, along with her entire Czech Jewish family. All of them were to die there, but she was able to leave after several months due to a bureaucratic mix-up which saved her life. Now 85, with three children and six grandchildren, she says she has a feeling of victory. This report by Ahmad Wadiei and Farin Assemi, of RFE/RL's Radio Farda is narrated by RFE’s Raymond Furlong.

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