Oct. 9, 2013 – The president is expected today to nominate Federal Reserve Board Vice
Chair Janet Yellen, who met last year with NAFCU's board members on credit union concerns, to succeed Ben Bernanke as Fed
Yellen has kept an ear open to the concerns of the credit union industry. Last December, she met with NAFCU’s board at Fed headquarters 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.
“NAFCU appreciates Gov. Yellen’s openness and willingness to hear credit
unions’ concerns about issues and economic developments affecting their
members and communities,” said NAFCU President and CEO Dan Berger.
News outlets ran stories last night about Yellen's impending nomination, expected to be announced by President Obama today at 3 p.m. Eastern.
Senate Banking Committee Chairman Tim Johnson, D-S.D., issued a statement in support of Yellen. “I commend President Obama on his selection of Dr. Yellen to be the first woman to serve as Federal Reserve Chairman,” John said in the statement. “She has a depth of experience that is second to none, and I have no doubt she will be an excellent Federal Reserve Chairman.”
Of Bernanke, Johnson said, “I also want to thank Chairman Bernanke for his incredible service to our country. He served as Chairman during one of the most turbulent economic times in our nation’s history, and I believe our financial system is stronger and more stable today in part to his efforts.”