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Janet Yellen is an eminent professor and a foremost American economist, who has served as a Vice Chairman of the Feds board of governors since 2010. In October 2013, Barack Obama as the President of the USA nominated Yellen to become the next Feds chairman. During a White House ceremony, the President said that the American employees and their families will consider Janet Yellen a champion. If Senate confirms the candidature of Janet Yellen, she will be the first woman and the first Democrat to hold the most powerful post since the presidency of Jimmy Carter. President Carter nominated Paul Volcker in 1979 as a leader of the National Central Bank, a key player in the global economy (Jackson n.p.). President Obama called Yellen one of Americas foremost policymakers and economists, declaring that she entirely recognizes the human costs and efforts of the struggling economy.
Yellen was born on August 13, 1946 in Brooklyn to Julius Yellen, who served as a family doctor and mother, Anna Blumenthal. Yellen attended Fort Hamilton High School, where she excelled in many disciplines. She began studying economics at Brown University and got her undergraduate degree in 1967 (Board Members: Janet L. Yellen n.p.). After completing her Ph.D. at Yale University in 1971, she spent several years as an assistant professor at Harvard University. For one year, Yellen worked at the Federal Reserve and then became a professor at the Californian University in Berkeley. From 1978 to 1980 she lived abroad lecturing at the London School of Economics and Political Science. Janet Yellen had served as an economist with the Feds board of governors before she was appointed to serve as a member of the board from 1994. In 1997, Bill Clinton nominated Yellen to chair of the council of economic advisers, a capacity she held in 1999 (Ware 2).
In 2004, Yellen became a president and a chief executive officer of the Federal Reserve Bank of San Francisco, California, demonstrating remarkable insight into America s economic situation. She was one of a few economists, who forecasted the housing crisis of 2008. Furthermore, Yellen is considered an outspoken advocate for using the Federal Reserves power to diminish unemployment, and she was prepared more than other economists and experts to risk slightly higher inflation to accomplish this purpose. In October 2013, the President nominated Yellen to the Feds chair, and she will probably replace outgoing chairman Ben Bernanke in this capacity. If Yellen gets congressional approval, she will be the first woman to work on this post. Moreover, she will be the first representative of the Democratic Party to hold this powerful post in three decades. At the White House press conference, the President Obama noted Yellens good judgment and claimed that she knows how to find consensus. Considering the challenging political environment in the U.S., Obama expressed his confidence in Janet Yellens power to realize all the necessary goals.
If a candidacy of Janet Yellen is confirmed, she will pledge to take greater responsibilities that Congress entrusts to the Federal Reserve, for example to stimulate the stable prices, reach maximum growth of employment, and create a stronger financial system. Janet Yellen gained numerous accolades for her considerable contribution to the field of economics. Throughout her long career, Yellen has created numerous publications and papers, including several works co-authored with her husband, George Akerlof. Yellen met George Akerlof in the 1970s, when they were both serving at the Federal Reserve. Akerlof is a Nobel Prize economist and nowadays, he is a professor of Californian University in Berkeley. Yellen and Akerlof have an adult son, Robert Akerlof (Janet Yellen n.p.).
Over the time, Yellen had been considered a suitable candidate for the chairmanship partly because of her productive years as a leading bank regulator and a great experience as an economist in assisting to govern the Feds policy. Nowadays, Yellens depth experience and understanding of the American financial system are widely respected. Before the crisis of 2008 had started, Janet Yellen was among a minority of leading economists who correctly warned that subprime mortgages carried a greater threat. Yellen has gained a reputation as a dove. She is more concerned about keeping interest rates lower to decrease the unemployment rate than about their growth to prevent high inflation. Yellens appointment can encounter resistance from congressional critics who dispute about the Feds low-rate policy that raises the risk of high inflation and may encourage risky bubbles in assets like real estate or stocks (Rushe n.p.).
Yellen is a soft- spoken personality, who constructs arguments and responds challenges from a technical outlook. She is undoubtedly expected to become a Feds chief person, which means that investors will expect more of the same policy decisions that they have observed over the past years. In her first Senate appearance as a nominee, Janet Yellen gave the modern market a feature of her own style: dovish, soft spoken, and thorough (Fontevecchia n.p.).
Yellen once claimed that the Feds mandate is to serve all American citizens. However, the majority of Americans still cannot find a job, and they worry how they will provide for their families and pay their bills. The Federal Reserve can help Americans if a job is performed in a rational and efficient way (Janet Yellen n.p). In addition, Yellen has written many works on a wide diversity of macroeconomic issues, dedicating to the mechanisms, causes, and implications of unemployment (Board Members: Janet L. Yellen n.p.). Barack Obama consider Janet Yellen, a proved and tough leader, who is completely ready to take over a Feds chairman (Jackson n.p.).