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Janet Louise Yellen (born August 13, 1946) is an American economist at the Brookings Institution who served as the Chair of the Federal Reserve from 2014 to 2018, and as Vice Chair from 2010 to 2014. Previously, she was President and Chief Executive Officer of the Federal Reserve Bank of San Francisco; Chair of the White House Council of Economic Advisers under President Bill Clinton; and business professor at the University of California, Berkeley, Haas School of Business.
Yellen was nominated by President Obama to succeed Ben Bernanke as Chairwoman of the United States Federal Reserve. On January 6, 2014, the U.S. Senate confirmed Yellen's nomination. She was sworn in on February 3, 2014, making her the first woman to hold the position. She served on the Board until February 3, 2018.
On October 9, 2013, Yellen was officially nominated to replace Bernanke as Chair of the Federal Reserve. During the nomination hearings held on November 14, 2013, Yellen defended the more than $3 trillion in stimulus funds that the Fed had been injecting into the U.S. economy. Additionally, Yellen testified that U.S. monetary policy is to revert towards more traditional monetary policy once the economy is back to normal.
On December 20, 2013, the U.S. Senate voted 59–34 for cloture on Yellen's nomination. On January 6, 2014, she was confirmed as Chair of the Federal Reserve by a vote of 56–26, the narrowest margin ever for the position. In addition to being the first woman to hold the position, Yellen is also the first Democratic nominee to run the Fed since Paul Volcker became chairman in 1979. After being elected by the Federal Open Market Committee as its chair on January 30, 2014, she took office on February 3.
On December 16, 2015, while Yellen was chair of the Federal Reserve, the latter increased its key interest rate for first time since 2006. Once in office, Yellen began the process of reversing some of the policies that had been enacted in response to the subprime mortgage crisis of 2008. Notably, she oversaw a program to sell Treasury and mortgage bonds that the Fed had purchased to stimulate the economy. Her tenure was also noted for job and wage growth, both of which occurred while she maintained low interest rates. After the election of President Donald Trump in November 2016, Yellen vowed to protect Dodd-Frank.
On June 27, 2017, Yellen generated controversy when she claimed that there will not be another economic crisis "in our lifetime." Yellen explained that this assumption can be made due to her belief that banks are "very much stronger" as a result of Federal Reserve oversight. Tim Price of the Ludwig von Mises Institute compared her remarks to John Maynard Keynes's claim that "We will not have anymore crashes in our time." On December 11, 2018 Yellen later warned of the possibility of a financial crisis by citing "gigantic holes in the system" after her departure from the Federal Reserve.
Trump considered renominating Yellen for another term, but on November 2, 2017 nominated Jerome Powell to succeed Yellen when her term ended on February 3, 2018. Yellen's 5-foot 3-inch height was reportedly a factor in Trump's decision. After Trump's decision, Yellen announced that she would leave the Federal Reserve Board of Governors at the end of her term as chair.
Yellen received generally high marks from supporters and critics alike during her tenure. According to research conducted by The Washington Post in December 2017, unemployment figures showed the greatest improvement since 1948 and, in comparing "S&P 500 cumulative (inflation-adjusted) returns under the past four Fed chairs. Yellen has the highest return... no other recent Fed chair has seen the market climb this far this fast as it did under Yellen."
On February 2, 2018, Yellen announced that the Fed will place a growth cap on Wells Fargo and remove four board members that were responsible for fraud
JANET YELLEN
Janet Louise Yellen (born August 13, 1946) is an American economist at the Brookings Institution who served as the Chair of the Federal Reserve from 2014 to 2018, and as Vice Chair from 2010 to 2014. Previously, she was President and Chief Executive Officer of the Federal Reserve Bank of San Francisco; Chair of the White House Council of Economic Advisers under President Bill Clinton; and business professor at the University of California, Berkeley, Haas School of Business.
Yellen was nominated by President Obama to succeed Ben Bernanke as Chairwoman of the United States Federal Reserve. On January 6, 2014, the U.S. Senate confirmed Yellen's nomination. She was sworn in on February 3, 2014, making her the first woman to hold the position. She served on the Board until February 3, 2018.
On October 9, 2013, Yellen was officially nominated to replace Bernanke as Chair of the Federal Reserve. During the nomination hearings held on November 14, 2013, Yellen defended the more than $3 trillion in stimulus funds that the Fed had been injecting into the U.S. economy. Additionally, Yellen testified that U.S. monetary policy is to revert towards more traditional monetary policy once the economy is back to normal.
On December 20, 2013, the U.S. Senate voted 59–34 for cloture on Yellen's nomination. On January 6, 2014, she was confirmed as Chair of the Federal Reserve by a vote of 56–26, the narrowest margin ever for the position. In addition to being the first woman to hold the position, Yellen is also the first Democratic nominee to run the Fed since Paul Volcker became chairman in 1979. After being elected by the Federal Open Market Committee as its chair on January 30, 2014, she took office on February 3.
On December 16, 2015, while Yellen was chair of the Federal Reserve, the latter increased its key interest rate for first time since 2006. Once in office, Yellen began the process of reversing some of the policies that had been enacted in response to the subprime mortgage crisis of 2008. Notably, she oversaw a program to sell Treasury and mortgage bonds that the Fed had purchased to stimulate the economy. Her tenure was also noted for job and wage growth, both of which occurred while she maintained low interest rates. After the election of President Donald Trump in November 2016, Yellen vowed to protect Dodd-Frank.
On June 27, 2017, Yellen generated controversy when she claimed that there will not be another economic crisis "in our lifetime." Yellen explained that this assumption can be made due to her belief that banks are "very much stronger" as a result of Federal Reserve oversight. Tim Price of the Ludwig von Mises Institute compared her remarks to John Maynard Keynes's claim that "We will not have anymore crashes in our time." On December 11, 2018 Yellen later warned of the possibility of a financial crisis by citing "gigantic holes in the system" after her departure from the Federal Reserve.
Trump considered renominating Yellen for another term, but on November 2, 2017 nominated Jerome Powell to succeed Yellen when her term ended on February 3, 2018. Yellen's 5-foot 3-inch height was reportedly a factor in Trump's decision. After Trump's decision, Yellen announced that she would leave the Federal Reserve Board of Governors at the end of her term as chair.
Yellen received generally high marks from supporters and critics alike during her tenure. According to research conducted by The Washington Post in December 2017, unemployment figures showed the greatest improvement since 1948 and, in comparing "S&P 500 cumulative (inflation-adjusted) returns under the past four Fed chairs. Yellen has the highest return... no other recent Fed chair has seen the market climb this far this fast as it did under Yellen."
On February 2, 2018, Yellen announced that the Fed will place a growth cap on Wells Fargo and remove four board members that were responsible for fraud
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