News / Economy

US Senate Confirms Yellen as Fed Chief

US Senate OKs Yellen as Fed Chiefi
X
January 06, 2014 11:27 PM
The U.S. Senate has confirmed Janet Yellen as the new head of the U.S. Federal Reserve, making her the first woman to head the central bank for the world's largest economy. She replaces Ben Bernanke who is leaving the post at the end of the month. VOA's Katherine Gypson reports.
Related video report by Katherine Gypson
The U.S. Senate has confirmed Janet Yellen as the new head of the U.S. Federal Reserve, making her the first woman to head the central bank for the world's largest economy.  She replaces Ben Bernanke who is leaving the post at the end of the month. 


Who is Janet Yellen? 
 
  • Vice Chair of the Board of Governors of the Federal Reserve System since 2010

  • Served as President and CEO of the 12th District Federal Reserve Bank, San Francisco

  • Professor Emeritus at the University of California at Berkeley

  • Member of Council on Foreign Relations and American Academy of Arts and Sciences

  • Received Ph.D. in Economics from Yale University in 1971
Economists are predicting that economics professor and Federal Reserve vice chair Janet Yellen will continue many of Ben Bernanke's efforts to boost the economy.  Both have called for a gradual end of the central bank’s multibillion-dollar program to keep interest rates low and stimulate the economy.

President Obama says Yellen is tough and effective.

“She sounded the alarm early about the housing bubble, about excesses in the financial sector and about the risks of a major recession.  She doesn’t have a crystal ball, but what she does have is a keen understanding of how markets and the economy work - not just in theory but in the real world," said President Obama.

Yellen has written extensively about the causes and impact of unemployment, and some analysts say she may put even more emphasis on creating jobs.

"Too many Americans still cannot find a job and worry how they'll pay their bills and provide for their families," said Yellen.
 
Unemployment hit 10 percent during the recession, and has now fallen to 7 percent, but that number is still above its historic average.

Economists say Yellen will likely continue Bernanke's policies of holding short-term interest rates close to zero by using the Fed's massive program of buying securities.

The U.S. central bank has been buying $85 billion in securities every month, to pump more money into the economy and make it easier for businesses and individuals to borrow. But economists say that stimulus must end eventually, to avoid sparking inflation that could damage the economy.  

“I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy," said Yellen.
 
Yellen once headed the Federal Reserve Bank of San Francisco. Former president Bill Clinton named her head of his Council of Economic Advisers in 1997. The 67-year-old economist is professor emeritus of the University of California at Berkeley, where she has been on the faculty for decades.

You May Like

VOA Exclusive: Interview With Myanmar President Thein Sein

Thein Sein calls allegations that minority Muslim Rohingya are fleeing alleged torture in Rakhine state a media fabrication More

New Yellow Fever Research May Lead to Improved Treatment

Researchers identify features of disease that may lead to more effective treatment More

UN Rights Commission Investigates Eritrea

Three-member commission will start collecting first-hand information from victims and other witnesses in Switzerland and Italy next week More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Ebola Economic Toll Stirs W. Africa Food Security Concernsi
X
November 19, 2014 11:39 PM
The World Bank said Wednesday that it expects the economic impact of the Ebola outbreak on the sub-Saharan economy to cost somewhere betweenf $3 billion to $4 billion - well below a previously-outlined worst-case scenario of $32 billion. Some economists, however, paint a gloomier picture - warning that the disruption to regional markets and trading is considerable. Henry Ridgwell reports from London.
Video

Video Ebola Economic Toll Stirs W. Africa Food Security Concerns

The World Bank said Wednesday that it expects the economic impact of the Ebola outbreak on the sub-Saharan economy to cost somewhere betweenf $3 billion to $4 billion - well below a previously-outlined worst-case scenario of $32 billion. Some economists, however, paint a gloomier picture - warning that the disruption to regional markets and trading is considerable. Henry Ridgwell reports from London.
Video

Video Mexico Protests Escalate Over Disappearances

Protests in Mexico over 43 students missing since September continue to escalate, reflecting growing anger among Mexicans about a political system they view as corrupt, and increasingly tainted by the drug trade. Mounting outrage over the disappearances is now focused on the government of President Enrique Pena Nieto, accused of not doing enough to end insecurity in the country. More from VOA's Victoria Macchi.
Video

Video US Senate Votes Down Controversial Oil Pipeline - For Now

The U.S. Senate has rejected construction of a controversial pipeline to transport Canadian oil to American refineries. The $5 billion project still could be approved next year, but it faces a possible veto by President Barack Obama. As VOA’s Michael Bowman reports, the pipeline has exposed deep divisions in Congress about America’s energy future.
Video

Video Can Minsk Cease-fire Agreement Hold?

Growing tensions between government troops and separatists in eastern Ukraine further threaten a cease-fire agreement reached two months ago in the Belarusian capital of Minsk. Critics of U.S. policy in Ukraine say it is time the Obama administration gives up on that much-violated cease-fire and moves toward a new deal with Russia. VOA's Scott Stearns has more.
Video

Video Chaos, Abuse Defy Solution in Libya

The political and security crisis in Libya is deepening, with competing governments and, according to Amnesty International, widespread human rights violations committed with impunity. VOA’s Al Pessin reports from London.
Video

Video US Hosts Record 866,000 Foreign Students

Close to 900,000 international students are studying at American universities and colleges, more than ever before. About half of them come from Asia, mostly China. The United States hosts more foreign students than any other country in the world, and its foreign student population is steadily growing. Zlatica Hoke reports.
Video

Video Ferguson Church Grapples with Race Relations

Many white residents of Ferguson, Missouri, say they chose to live there because of the American Midwest community's diversity. So, they were shocked when a white police officer killed an unarmed black teenager in August – and shaken by the resulting protests and violence. Some local churches are leading conversations on how to go forward. VOA’s Ayesha Tanzeem reports.
Video

Video What Jon Stewart Learned About Iran From 'Rosewater'

Jon Stewart, host of the satirical news program "The Daily Show" talks with Saman Arbabi of Voice of America's Persian service about Stewart's directorial debut, "Rosewater."
Video

Video Lebanese Winemakers Thrive Despite War Next Door

In some of the most volatile parts of Lebanon, where a constant flow of refugees crosses the border from Syria, one industry continues to flourish against the odds. Lebanese winemakers say after surviving a brutal civil war in the 1970s and 80s, they can survive anything. Heather Murdock has more for VOA from the Bekaa Valley in Lebanon.
Video

Video China's Rise Closely Watched

China’s role as APEC host this week allowed a rare opportunity for Beijing to showcase its vision for the global economy and the region. But as China’s stature grows, so have tensions with other countries, including the United States. VOA’s Bill Ide in Beijing reports on how China’s rise as a global power is seen among Chinese and Americans.

All About America

AppleAndroid

World Currencies

EUR
USD
0.7977
JPY
USD
117.63
GBP
USD
0.6379
CAD
USD
1.1349
INR
USD
61.994

Rates may not be current.