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October 10, 2013

Obama Unveils Yellen as Fed Nominee 
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President Obama has formally unveiled Janet Yellen as the next chair of
the Federal Reserve. Yellen currently serves as the Fed’s vice-chair
under current head Ben Bernanke, whose term ends in January. On
Wednesday, Obama praised Yellen's track record while Yellen vowed to
assist those hardest hit by the economic recession.

President Obama: "You know, Janet is renowned for her good judgment, 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
about how markets and the economy work, not just in theory, but also in
the real world."

Janet Yellen: "I think we all agree, Mr. President, that more needs to
be done to strengthen the recovery — particularly for those
hardest hit by the great recession — we have made progress. The
economy is stronger, and the financial system sounder."

Yellen will be the first woman to serve as Federal Reserve chair.
Although she has been described as a progressive nominee, Yellen
previously supported the repeal of the Glass-Steagall Act that separated
commercial and investment banking. She also backed the 1993 North
American Free Trade Agreement, which critics say has undermined worker
and environmental rights.

 

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