Janet Yellen confirmed as Fed chairman

Windsor Genova – Fourth Estate Cooperative Contributor

Washington, DC, United States (4E) – The Federal Reserve will have a woman at the helm for the first time after Janet Yellen was finally confirmed its chairman Monday.

The Senate vote was 56-26 with 11 Republicans approving Yellen to succeed Ben Bernanke, whose economic stimulus policy prevented the country from repeating a Great Depression scenario during the 2008 financial crisis.

“Americans should feel reassured that we will have her at the helm of the Fed as our nation continues to recover from the Great Recession,” USA Today quoted Senate Banking Committee Chairman Tim Johnson (D-S.D.) as saying.

Yellen, 67, starts her four-year term on Feb. 1. Facing her is the challenge of winding down the stimulus and shrinking the Fed’s $4 trillion balance sheet gradually without derailing the recovery as well as strengthening the economy without setting off inflation or asset bubbles. Helping her with the task is an extensive experience at the Fed; she was vice chairman of the central bank since 2010 and served on the board of governors in the 1990s.

Yellen also was an economics teacher at the University of California-Berkeley, head of the presidential Council of Economic Advisers during the Clinton administration, and president of the San Francisco Federal Reserve Bank.

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