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The U.S. Senate will vote on Monday to decide whether Janet Yellen will become the next chair of the Federal Reserve.
Yellen was President Barack Obama’s choice to succeed Ben Bernanke. Bernanke served two terms as chair of the Federal Reserve. According to CNN, Financial Times Assistant Editor Gillian Tett characterized Bernanke as someone who was calm in difficult situations but extremely cautious when reacting to the economic bubble.
If Janet Yellen is voted in, she would begin on Feb. 1 and become the first woman to chair the U.S. central bank. Janet Yellen would be deeply involved in decisions to continue reviving the economy. Her biggest challenge would be to make changes to the economic stimulus program. The program, originally aimed at $85 billion, would be scaled back to $75 billion.
Mr.Bernanke told The New York Times, “I agree with the sentiment expressed by my colleague Janet Yellen at her testimony last week that the surest path to a more normal approach to monetary policy is to do all we can today to promote a more robust recovery.”
Yellen would be the fourth person to lead the Fed in the last 35 years.
Image: Wikimedia Commons.