Oct. 10, 2013 – Federal Reserve Board Vice Chair Janet Yellen underscored the Fed’s focus on employment and inflation in remarks Wednesday upon her nomination by the president to be the next Fed chair.
“The mandate of the Federal Reserve is to serve all the American people, and too many Americans still can’t find a job and worry how they will pay their bills and provide for their families,” she said in a statement. “The Federal Reserve can help, if it does its job effectively. We can ensure that everyone has the opportunity to work hard and build a better life. We can ensure that inflation remains in check and doesn’t undermine the benefits of a growing economy. We can and must safeguard the financial system.”
The president announced his choice of Yellen as next Fed chair, to succeed Ben Bernanke, Wednesday afternoon. Bernanke said the president “has made an outstanding choice” in nominating Yellen. “Janet is exceptionally well qualified for the position, with stellar academic credentials and a strong record as a leader and a policymaker,” he said.
NAFCU's Dan Berger says that after the political fray, Yellen will be confirmed.
NAFCU President and CEO Dan Berger said Yellen, who would be the first woman to chair the Fed Board, is expected to be confirmed once the political fight is played out.
“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 upon Wednesday's announcement. “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 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.