YEREVAN, October 10. / ARKA /. Janet Yellen, vice chair of the U.S. Federal Reserve, said Wednesday that she would focus on getting more Americans back to work, as she was nominated by President Barack Obama to succeed Ben Bernanke as head of the central bank, banks.ru reports citing Reuters.
“Janet is exceptionally well qualified for this role,” Obama said at a White House ceremony, adding that “America’s workers will have a champion in Janet Yellen.”
The president said Yellen combines deep knowledge of economic theory with common sense about how things play out in reality: “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. And she calls it like she sees it.”
He added that Yellen understands the kind of pressures that a bad economy puts on American citizens, including stresses on marriages and jobs.
Yellen said the past six years have been tumultuous for the economy and challenging for many Americans suffering from the Great Recession.
“We have made progress, the economy is stronger and the financial system is sounder,” but more needs to be done, she said. “Too many Americans still can’t find a job and worry how they’ll pay their bills and provide for their families. The Federal Reserve can help if it does its job effectively.”
Saying considerable credit for the economic recovery goes to Bernanke, Yellen said it was a privilege to serve with him and learn from him.
The president also praised the outgoing chairman for guiding fiscal policy during the financial crisis. Bernanke’s term ends Jan. 31.
Obama expressed confidence in his nominee, who, if confirmed, would become the first woman to lead the Federal Reserve. She would also be the first woman to head a major central bank anywhere in the world.
The choice of Yellen, 67, coincides with a turning point for the Fed. Within the next several months, it is expected to start slowing the pace of its Treasury and mortgage bond purchases if the economy strengthens. The Fed’s purchases have been intended to keep loan rates low to encourage borrowing and spending.
In his speech introducing Yellen, the president observed that she will be the chair of the Federal Reserve even after he leaves office. -0-
