Home / News / Government / Senate Confirms Yellen as Fed Chair
Print This Post Print This Post

Senate Confirms Yellen as Fed Chair

The """"United States Senate"""":http://www.senate.gov/index.htm voted Monday to confirm Janet Yellen as chair of the """"Federal Reserve"""":http://www.federalreserve.gov/ following Ben Bernanke's departure at the end of January. She will be the first woman to take the job in the Fed's history.

[IMAGE]

According to """"reports"""":http://www.washingtonpost.com/business/economy/janet-yellen-confirmed-as-next-fed-chief/2014/01/06/14b38582-76f2-11e3-8963-b4b654bcc9b2_story.html, Yellen's nomination passed in a vote of 56-26.

Like her predecessor, Yellen seems to favor the strategy of keeping monetary policies loose as the economy works to get back on its feet--a position her opponents have criticized.

[COLUMN_BREAK]

""""I have deep concerns about the long-term effects of pursuing [current] policies,"""" said """"Sen. Chuck Grassley"""":http://www.grassley.senate.gov/news/Article.cfm?customel_dataPageID_1502=47926 (R-Iowa) in a statement released Monday. """"Historical evidence suggests that failing to rein in easy money policies on a timely basis risks fueling an economic bubble or even hyperinflation.""""

Grassley added that while the Fed's recent strategy has benefited the stock market, the rest of the country has yet to see major improvements, noting that """"the Fed has a dismal record at being able to produce sustainable job creation through expansionary monetary policy.""""

Still, she's not without her supporters. Speaking at her """"nomination hearing"""":http://www.banking.senate.gov/public/index.cfm?FuseAction=Newsroom.PressReleases&ContentRecord_id=57be8f3b-b898-e474-6dc4-9f896f4d6676 before the Senate Banking Committee in November, Sen. Tim Johnson (D-South Dakota) pointed to her """"extensive and impressive career in public service and academia"""" as proof of her qualifications.

""""We need [Yellen's] expertise at the helm of the Fed as our nation continues to recover from the Great Recession, completes Wall Street Reform rulemakings, and continues to enhance the stability of our financial sector,"""" he said at the time. """"I am excited to cast my vote to confirm her as the first woman to serve as Chair of the Federal Reserve.""""

About Author: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.
x

Check Also

HUD Grants $150M to Tribal Communities for New, Affordable Housing

“Strong investments in Tribal communities help ensure residents can access much-needed safe and affordable housing,” said Secretary Marcia L. Fudge. “The funds HUD is making available will meet the challenges of today and allow Tribal communities to make innovative and vital advancements needed to prepare for the future."