Janet Yellen has become the first woman to head the world’s most powerful central bank.
Obama’s nomination of Janet Yellen as the next chairman of the Federal Reserve was confirmed by the Senate with a 56-26 vote. This victory for Yellen is a huge for all women who have been extremely underrepresented in politics, finance, and economics.
Continuing along the path of economic recovery, the Senate has approved Janet Yellen to succeed Ben Bernanke, whose eight-year tenure is coming to an end on January 31. Yellen’s role as vice chair has led het to defend lower borrowing costs in order to trigger more hiring and stronger economic growth.
- Tackle high unemployment
- Dial down reliance on bond-buying programs to steer the Central Bank out of its extraordinary stimulus
- Unify the Fed’s policymaking committee for efficiency
- Will tolerate slightly higher inflations if unemployment continues to come down
In response to Obama’s nomination, Yellen expressed, “Too many Americans still can’t find a job and worry how they’ll pay their bills and provide for their families. The Federal Reserve can help if it does its job effectively.”
Janet Yellen recently served as the President of the Board of Governors of the Federal Reserve System. Other notable past work includes being President and Chief Executive Officer of the Federal Reserve Bank of San Francisco and Chair of the White House Council of Economic Advisers under President Bill Clinton. She is married to George Akerlof, a Nobel prize-winning economist, and her son, Robert Akerlof, is an assistant professor at the University of Warwick.
Photo Credit: United States Federal Reserve