Janet Yellen Nominated to Succeed ‘Helicopter’ Ben
President Obama’s long and politically combustible search for a successor to Federal Reserve chairman “Helicopter” Ben Bernanke has at long last come to an end and, for the first time ever, we have a lady-in-waiting for the position. Janet Yellen, the Federal Reserve’s vice chair, is the president’s choice to lead the nation’s central bank into a murky economic future.
Before Yellen can assume chairman duties, which will be relinquished by Bernanke this January 31, 2014, her nomination must first be approved by the Senate, which in these contentious times is rarely ever a slam dunk. Interesting to note is that Yellen is both the first Democrat picked to lead the Fed since Paul Volcker in 1979, and the first woman to lead a country’s central bank anywhere in the world.
There likely won’t be too much of a course change after the leadership switch. Yellen has worked closely with Chairman Bernanke over the past several years to keep interest rates near record lows. “Yellen is not going to rock the boat in terms of her approach to monetary policy,” said David Jones, chief economist at DMJ Avisors. “But it will be her challenge to reverse this prolonged and unprecedented period of monetary use.” (Derek Dowell – VNN) (Image: Flickr | Global X)