The President of the United States, Barack Obama, must formally nominate him on Wednesday. If the Senate confirms the selection of the head of the U.S. state, Janet Yellen would become the first woman to lead the U.S. central bank.
If Barack Obama is followed by the Senate, Janet Yellen will soon be “the most powerful woman in the world.” The Economist, 67, a native of Brooklyn, is already number two of the Federal Reserve since 2010. The President of the United States asked the Senate to vote to confirm his appointment as head of the U.S. central bank to succeed Ben Bernanke, whose four-year term expires at the end of January.
The choice of the “dove” is primarily a way for Obama to demonstrate that despite the political crisis that paralyzed part of the federal government, he remains president and is not doomed to remain on the sidelines. But the head of the U.S. government is also now provide continuity to the Fed at a time when it negotiates a turn particularly delicate monetary policy. Described by his friends as “little lady with a big IQ,” this would be the first woman to lead the Fed and also the first Democrat since Paul Volcker, who was appointed by Jimmy Carter in 1979. Democrats, moderates appreciated for his courtesy and his reasoned approach to monetary issues Republicans, she has a good chance of becoming the most listened to the world of finance person.
Janet Yellen has actively supported the most controversial of the central bank in recent years. Long teacher Berkeley, that the rest over a decade she works for the Fed, an institution mandated to ensure a balance between full employment and price stability. Disciple of the “progressive” economist James Tobin, while studying at Yale University, this lady with white hair and small, for example, has defended the massive interventions advocated by Ben Bernanke in 2008 to save the banks and credit markets.
His Challenge: The End of Measures to Support the Economy
Around the table of the Monetary Committee of the Fed, the vote to maintain near-zero interest rates by the Fed since late 2008. She also believes in the effectiveness of the political manipulation of long-term rates through purchases of Treasury bonds (quantitative easing). In his eyes this practice, considered by many to resort to “printing money” is needed to fight against the development of long-term unemployment. Janet Yellen was right for the moment by saying at the outset of the crisis that the inflation risk would be minimal.
Wife of an economist, George A. Akerlof who won the Nobel Prize in 2001, she saw come sooner than other risks bursting of the housing bubble after becoming president of the San Francisco Fed in 2004. She also worked to convince the Fed to adopt an explicit inflation target, what Alan Greenspan had long blocked. One third of Senate Democrats have explicitly asked Obama to select, rather than Larry Summers, former Treasury Secretary Bill Clinton, former adviser to Barack Obama, considered too controversial. since Larry Summers broke out against -heart “disqualified” mid-September , Janet Yellen was favorite figure.
The challenge, if confirmed by the Senate, will decide when to phase out emergency measures to support the demand for credit in place since 2008, without scaring markets. To do this, it will judge the danger posed by recent signs of weakness in demand and employment in the United States.
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