- Posted January 16, 2014 by
Janet Yellen – The New Head of Federal Reserve in US
On Monday, 06th Jan 2014; The U.S. Senate announced Janet Yellen as the new head of Federal Reserve. She is the first ever women to become the head and the presiding lady of US Central Bank which is the most powerful and the most authoritative bank in the world.
As per the news shared by BBC News, 56 senators’ approved here appointment, making a clear cut entry. The figure was twice as many who actually rejected her based on some different grounds and the remaining was not able to attend the voting due to cold weather and flights cancellation.
A huge chunk of republicans opposed the appointment of Yellen considering her advocacy for the past lost monetary policy of Fed for the year 2007-2009.
She was a most competitive and favored candidate among the big names of economists who got the Nobel Prize Award in past years as reported by a Prior Learning Assessment Evaluation Association. But she wasn’t the first and the most desired choice of president Obama to lead Fed and therefore Larry Summers was appointed as the individual to lead a 100-year old Fed.
Janet Yellen was a vice-president of Fed since 2010. She was born in a New York in a Jewish family and was married to a George Akerlof, a Nobel Prize Winner. She was an assistant professor in Harvard University, USA for six years. She was elected as an economic advisor for Bill Clinton in 1997. She was considered as Dove by many on Wall Street as she was much more concerned with unemployment as compared to inflation.
She received a Wilbur Cross Medal in 1997 than in 2010 she got the Adam Smith from NABE. She was also elected as the distinguished fellow of American Economic Association and in September 2012, she was included in the fifty most influential list of Bloomberg Markets magazine.
President Obama welcomed Yellen’s appointment, saying, "The American people will have a fierce champion who understands that the ultimate goal of economic and financial policymaking is to improve the lives, jobs and standard of living of American workers and their families."
Yellen is predicted to follow the outline created by Bernanke, the last head of Fed. She will join office in Feb 01. In past she was called to Fed to continue lower down the economic whilst. But from the side of republicans it was still a negative response.
Ms Yellen, a 67 year lady, spent years in shielding those endeavors, contending both as Mr. Bernanke's agent and before that as leader of the San Francisco Federal Reserve Bank that they might decrease getting expenses and goad employing and budgetary development.
Thus she is a fair choice and the most suitable candidate for the head of Fed. She is one of the great and most knowledgeable educators in the city. She is one of the perfect choices for this designation since she knows the current circumstances and situations quite well and understands the economical conditions of the country and therefore it’s predicted that she will take up some good initiative for the improvement in those conditions.