President Obama has officially nominated Janet Yellen to be the Chair of the Federal Reserve. If (or WHEN) she’s confirmed, Yellen will be the 15th Chair and the first woman to hold the position, a top position in an absurdly male-dominated field.
Not only this, but she will also be part of another ongoing change in the Fed, the New York Times explains, shifting it “from an institution run by market-wise bureaucrats focused on controlling inflation to an institution run by academics committed to a broader mission of steady growth and minimal unemployment.” She’s ridiculously qualified for the position: she chaired President Clinton’s Council of Economic Advisers, she served as President of San Francisco’s Federal Reserve Bank, and she’s been Vice Chair of the Fed since 2010.
The UC Berkeley Professor Emeritus (yup, she did that too) plans to hit hard on unemployment and job growth, not shying away from a limited amount of inflation in order to achieve it, a point for which plenty of Republicans are criticizing her (I guess they didn’t read number 2 on this list). Yellen is known for her assertive style however, and probably won’t be thrown off by disagreement.
I, for one, am excited to see how her leadership may affect economic policy and how it might serve as an example of connecting academic theory to public service.
Thanks to The New York Times.
Images via New York Times.