President Obama announced last week that he would nominate Federal Reserve Vice Chair Janet Yellen to succeed Ben Bernanke as Fed chairman.
If confirmed by the Senate, Dr. Yellen is widely expected to continue the policies supported by Bernanke; she is generally thought to favor continued low interest rates to help bolster the economic recovery. She would be the first woman to lead the central bank.
“While we have made progress, we have further to go,” Yellen said last week. “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’ll pay their bills and provide for their families. The Federal Reserve can help if it does its job effectively.”
Yellen previously served as president of the Federal Reserve Bank of San Francisco and chair of President Clinton’s Council of Economic Advisors.