Oct. 9, 2013 – As anticipated, the president this afternoon announced his nomination of Federal Reserve Board Vice Chair Janet Yellen, who met with NAFCU’s board last December at Fed headquarters, to succeed Ben Bernanke as chair.
Yellen, who would be the first woman to chair the Fed Board, is expected to be confirmed once the political fight is played out, said NAFCU President and CEO Dan Berger.
“Putting aside the politics of confirmation as well as the debate on monetary policy, Gov. Yellen is extremely qualified to be Fed chairman,” Berger said. “She has an impressive record both in academia and as chair of the Council of Economic Advisers, president of the Federal Reserve Bank of San Francisco and as Fed vice chair.
"NAFCU looks forward to working further with her on issues important to the Fed and credit unions upon her confirmation.”
Yellen met with NAFCU’s board in December to discuss the association’s 2012 Report on Credit Unions and issues of interest to both the Fed and credit unions. It was the 20th consecutive year the Fed hosted such a meeting with NAFCU.
Yellen, whose nomination was anticipated in reports Tuesday, had been on a short list of likely presidential picks for the chairmanship with former presidential advisor Larry Summers, but Summers withdrew his name from the running in mid-September.
In July, a group of Senate Democrats wrote President Obama to recommend Yellen for the position, and 350 economists made the same request, praising her “for prescience in warning in 2005 about an impending real estate meltdown, for her consensus style of leadership and for her commitment to job growth.”