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

Video Experts Warn World Losing Ebola Fight

Doctors Without Borders says world is losing battle against Ebola, unless wealthy nations dispatch specialized biological disaster response teams More

Video Experts: Rise of Islamic State Significant Development in Jihadism

Many analysts contend the group - which grew out of al-Qaida in Iraq - has been rebuilding for years More

US-Based Hong Kongers Pledge Support for Pro-Democracy Activists

Democracy advocates call on Chinese living abroad to join them in opposing new election rules for their home territory More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Larger Than Life Chinese Lanterns Make Southern California Appearancei
X
Elizabeth Lee
September 02, 2014 8:57 PM
Chinese lanterns with a long history are lighting up in 21st century style at the Los Angeles County Fair in southern California. Visitors can see traditional lanterns that hang, but also lanterns in the shape of animals, iconic landmarks and many other objects, all created by artisans from a place in China known for its lanterns. Elizabeth Lee has the details from the fair in the city of Pomona.
Video

Video Larger Than Life Chinese Lanterns Make Southern California Appearance

Chinese lanterns with a long history are lighting up in 21st century style at the Los Angeles County Fair in southern California. Visitors can see traditional lanterns that hang, but also lanterns in the shape of animals, iconic landmarks and many other objects, all created by artisans from a place in China known for its lanterns. Elizabeth Lee has the details from the fair in the city of Pomona.
Video

Video Experts See Rise of ISIS as Significant Development

The Islamic State’s rise seems sudden. It caught the U.S. by surprise this summer when it captured large portions of northern Iraq and spread its wings in neighboring Syria. But many analysts contend that the group - which grew out of al-Qaida in Iraq - has been rebuilding for years. VOA's Jela de Franceschi takes a closer look at the rise of ISIS and its implications for the Middle East and beyond.
Video

Video Israel Concerned Over Syrian Rebels in Golan

Israeli officials are following with concern the recent fighting between Syrian rebels and government forces near the contested Golan Heights. Forty-four U.N. peacekeepers from Fiji have been seized by Syrian Islamist rebels and the clashes occasionally have spilled into Israel. VOA’s Scott Bobb reports from Jerusalem.
Video

Video Ukraine Schools Resume Classes, Donate to Government Forces

A new school year has started in Ukraine but thousands of children in the war-torn east are unable to attend because of ongoing clashes with pro-Russia rebels. In Ukraine's capital, patriotic education has become the norm along with donations to support injured security forces fighting to take back rebel-held areas. VOA's Daniel Schearf reports from Kyiv.
Video

Video US Detainees Want Negotiators for Freedom in North Korea

The three U.S. detainees held in North Korea were permitted to speak with foreign media Monday. The government of Kim Jong Un restricted the topics of the questions, and the interviews in Pyongyang were limited to five minutes. Each of the men asked Washington to send a representative to Pyongyang to secure his release. VOA’s Carolyn Presutti has our story.
Video

Video Turkmen From Amerli Describe Survival of IS Siege

Over the past few weeks, hundreds of Shi'ite Turkmen have fled the town of Amerli seeking refuge in the northern city of Kirkuk. Despite recent military gains after U.S. airstrikes that were coordinated with Iraqi and Kurdish forces, the situation remains dire for Amerli’s residents. Sebastian Meyer went to Kirkuk for VOA to speak to those who managed to escape.
Video

Video West Africa Ebola Vaccine Trials Possible by Early 2015

A U.S. health agency is speeding up clinical trials of a possible vaccine against the deadly Ebola virus that so far has killed more than 1,500 people in West Africa. If successful, the next step would be a larger trial in countries where the outbreak is occurring. VOA's Carol Pearson has more.
Video

Video Survivors Commemorate 70th Anniversary of Nazi Liquidation of Jewish Ghetto

When the German Nazi army occupied the Polish city of Lodz in 1939, it marked the beginning of a long nightmare for the Jewish community that once made up one third of the population. Roughly 200,000 people were forced into the Lodz Ghetto. Less than 7,000 survived. As VOA’s Kane Farabaugh reports, some survivors gathered at the Union League Club in Chicago on the 70th anniversary of the liquidation of the Lodz Ghetto to remember those who suffered at the hands of the Nazi regime.

AppleAndroid