News / USA

Supporters Stress Yellen's Qualifications for Fed Chief's Job

FILE - Janet Yellen on Capitol Hill in Washington, Nov. 14, 2013.
FILE - Janet Yellen on Capitol Hill in Washington, Nov. 14, 2013.
Michael Bowman
— The United States will have its first-ever female central bank chief, after the Senate voted 56-26 to confirm Janet Yellen as chairwoman of the Federal Reserve.  Yellen succeeds Ben Bernanke, who helped America weather a severe financial crisis and the deepest economic recession since the 1930s.

Yellen’s ascension from vice chairwoman to chairwoman of the Federal Reserve is historic, but her Senate backers did not trumpet her gender ahead of Monday’s vote. Rather, they stressed her qualifications and the mindset she will bring to the job.

Democratic Senator Sherrod Brown said Yellen will work to protect ordinary Americans from the excesses of a free-wheeling financial system.

“In today’s complex financial system, it is more important than ever to have strong regulators like Governor Yellen who can recognize emerging threats to economic stability, and who is not afraid to act when abuses are found that put American consumers and workers at risk,” he said.


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
​Yellen takes the helm as the central bank is beginning to pull back from a multi-year program of extraordinary stimulus to jump-start the U.S. economy following the recession of 2008. At her confirmation hearing last year, Yellen defended the program as necessary and beneficial. Senate critics say she's a proponent of “easy money" policies that will rekindle inflation and eat away at Americans’ purchasing power.

Republican Senator Chuck Grassley had this to say before casting a “no” vote.

“We need a chairman focused on a strong dollar and low inflation. Historical evidence suggests that failing to rein in ‘easy money’ policies risks fueling an economic bubble and even hyper-inflation,” he said.

James Glassman, chief economist at banking giant JPMorgan Chase, says Yellen will bring continuity to the Federal Reserve.

​“I think the way Janet Yellen handles policy at the Fed will be very similar to what Ben Bernanke did," he said. "And it is all going to be guided by how well the economy performs, how quickly the labor market improves, and how successful the Fed is in getting inflation back up to that two-percent level that everyone embraces.”

Glassman predicts Yellen will continue Bernanke’s efforts to make the Federal Reserve more transparent and less mystifying to the American public.

You May Like

Mali's Female Basketball Players Rebound After Islamist Occupation

Islamist extremists ruled northern Mali for most of 2012, imposing strict Sharia law, and now some 18 months later, the region is slowly getting back on its feet More

Video Vietnamese Staging Chinese Product Boycott After Oil Rig Spat

Many Chinese-made products go unsold, for now, with numerous Vietnamese consumers still angry over recent dispute More

Koreas Mark 61st Anniversary of War Armistice

Muted observances on both sides of heavily-armed Demilitarized Zone that separates two decades-long enemies More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Students in Business for Themselvesi
X
Mike O'Sullivan
July 26, 2014 11:04 AM
They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Students in Business for Themselves

They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Astronauts Train in Underwater Lab

In the world’s only underwater laboratory, four U.S. astronauts train for a planned visit to an asteroid. The lab - called Aquarius- is located five kilometers off Key Largo, in southern Florida. Living in close quarters and making excursions only into the surrounding ocean, they try to simulate the daily routine of a crew that will someday travel to collect samples of a rock orbiting far away from earth. VOA’s George Putic has more.
Video

Video Not Even Monks Spared From Thailand’s Junta-Backed Morality Push

With Thailand’s military government firmly in control after May’s bloodless coup, authorities are carrying out plans they say are aimed at restoring discipline, morality and patriotism to all Thais. The measures include a crackdown on illegal gambling, education reforms to promote students’ moral development, and a new 24-hour phone hotline for citizens to report misbehaving monks. Steve Sandford reports from Bangkok.
Video

Video Virtual Program Teaches Farming Skills

In a fast-changing world beset by unpredictable climate conditions, farmers cannot afford to ignore new technology. Researchers in Australia are developing an online virtual world program to share information about climate change and more sustainable farming techniques for sugar cane growers. As VOA's Zlatica Hoke reports, the idea is to create a wider support network for farmers.
Video

Video Airline Expert: Missile will Show Signature on Debris

The debris field from Malaysia Airlines Flight 17 is spread over a 21-kilometer radius in eastern Ukraine. It is expected to take investigators months to sort through the airplane pieces to learn about the missile that brought down the jetliner and who fired it. VOAs Carolyn Presutti explains how this work will be done.
Video

Video Treatment for Childhood Epilepsy Heats up Medical Marijuana Debate

In the United States, marijuana is classed as an illegal drug by the federal government. But nearly half the states have legalized it, to some degree. Proponents say some strains of marijuana might have exceptional health benefits, for treating pain or inflammation in chronic conditions such as cancer, multiple sclerosis and epilepsy. Shelley Schlender reports on a strain of medical marijuana developed in Colorado that is reputed to reduce seizures in childhood epilepsy
Video

Video Airbus Adds Metal 3D Printed Parts to New Jets

By the end of this year, European aircraft manufacturing consortium Airbus plans to deliver the first of its new, extra-wide-body passenger jets, the A350-XWB. Among other technological innovations, the new plane will also incorporate metal parts made in a 3-D printer. VOA's George Putic has more.
Video

Video AIDS Conference Welcomes Exciting Developments in HIV Treatment, Prevention

Significant strides have been made in recent years toward the treatment and prevention of HIV, the virus that causes AIDS. This year, at the International AIDS Conference, the AIDS community welcomed progress on a new pill that may prevent transmission of the deadly virus. VOA’s Anita Powell reports from Melbourne, Australia.
Video

Video IAEA: Iran Turns its Enriched Uranium Into Less Harmful Form

Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.

AppleAndroid