Janet Yellen, President Barack Obama’s nominee to run the Federal Reserve, pledged today to pursue policies that will promote employment while keeping inflation in check for an economy that has “farther to go.”
“The past six years have been tumultuous for the economy,” she said. While more needs to be done to strengthen the economy, she said, “we have made progress.”
“While we have made progress, we have farther to go,” she said. “Too many Americans still can’t find a job and worry how they’ll pay their bills… The Federal Reserve can help.”
“We can ensure that inflation remains in check and doesn’t undermine the benefits of a growing economy,” she said.
Yellen, serving as vice chair of the Fed since 2010, will become the central bank’s first female chair should she win expected confirmation of the Senate . Chairman Ben Bernanke’s term expires Jan. 31.
Yellen was the favorite candidate in surveys of economists and had the backing of 20 members of the Senate Democratic caucus who signed a July 26 letter to Obama.
“Over the past five years, America has fought its way back from the worst recession since the Great Depression,” Obama said at an appearance with Yellen and Bernanke in the White House state dining room. “One of the most significant contributors to this whole process has been the Federal Reserve under the strong leadership of Ben Bernanke.’
Yellen “sounded the alarm early” about the threat of the housing bubble, Obama said, “and she calls it like she sees it. Janet also knows how to build consensus.”