President Obama will nominate the Vice Chair of the Federal Reserve, Janet Yellen, to fill Ben Bernanke's position as chairman of the nation's central bank when Bernanke's term ends on January 31st. The fact that Janet will be the first woman to head the organization especially in the middle of the present economic climate is being widely discussed and, in many cases, enthusiastically promoted.
The Head of the Senate Banking, Housing and Urban Affairs Committee, Senator Tim Johnson, D-S.D., recently praised Professor Yellen's skill and knowledge.
"She has a depth of experience that is second to none, and I have no doubt she will be an excellent Federal Reserve chairman," Senator Johnson said.
Others have taken to Twitter in order to vocalize support for the sixty-seven-year-old University of California, Berkeley, professor.
Fantastic news that Janet Yellen is to be new fed chairman wires are reporting - a labour economist who understands unemployment - yes!!!
— Danny Blanchflower (@D_Blanchflower) October 8, 2013
She has an impressive CV including serving as the president of the Federal Reserve Bank of San Francisco as well as her time teaching at the University of California, Berkeley. The following video gives a brief overview about her political viability for the newly appointed role in which she finds herself.
In December 2007, Janet Yellen spoke about the important task banks faced to encourage financial growth in spite of reservations and hesitations.
"If banks only partially replace the collapsed shadow banks or, worse, if they cut back their lending in anticipation of a worsening economy, then the resulting credit crunch could push us into recession. Thus, the risk of recession no longer seems remote, especially since the economy may well already have begun contracting in the current quarter," Janet Yellen said.
Her past expertise during the near financial breakdown of 2008 was instrumental in seeing the country through that difficult period. Her anticipated efforts to continue striving to lower unemployment and encourage economic growth will be critical for the nation's future.
The following video shows Janet Yellen speaking at the Haas School of Business, University of California, Berkeley, where her focus on "communication" serves as the crux in ensuring that "monetary policy" is sustainable.[Image Via Wikimedia Commons/ Courtesy of U.S. Government And Serves As The Official FRBSF Picture For Janet Yellen]