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Senate Banking System Approves Janet Yellen

Lizzie Pereira |
November 21, 2013 | 12:20 p.m. PST

Executive Producer

Courtesy of Creative Commons.
Courtesy of Creative Commons.
The Senate Banking System has approved Fed Vice Chair Janet Yellen’s nomination as the next Federal Reserve leader, with a vote of 14 to 8 in her favor.

The approval included three votes from Republican Senators: Mark Kirk of Illinois, Tom Coburn of Oklahoma, and Bob Corker of Tennessee. Joe Manchin of West Virginia was the sole Democrat who voted against her.  

Yellen was nominated by Obama back in October. Last week the former UC Berkeley professor answered questions from the Senate on the current state of the economy, defending stimulus funds and discussing unemployment.

SEE ALSO: Yellen Meets With Senate For Fed Confirmation Hearing                                            

Senate Banking Committee Chairman Tim Johnson (D-SD) called Yellen a “model candidate.” According to his statement, “She has devoted a large portion of her professional academic career to studying the labor market, unemployment, monetary policy, and the economy. As we saw in her testimony last week, Dr. Yellen understands the challenges facing our economy and the balance the Fed must strike as we navigate the path back to full employment.” 

Democratic Senator Elizabeth Warren also praised Yellen, deeming her an “extraordinarily qualified woman… Janet Yellen has impeccable credentials, and I’m very pleased she was voted out of committee with bipartisan backing.”

Despite voting against her, Sen. Manchin released a statement earlier in November after a meeting with Yellen. “I had a very productive and honest meeting today with Federal Reserve Vice-Chair Janet Yellen on how best to grow our economy… I was encouraged by her honest and straight forward approach and look forward to speaking further with her at our Banking Committee hearing to learn more about her plans to better our economy,” he said. 

However a statement made after the vote expressed some concerns. “I believe that Dr. Yellen is a very intelligent and capable nominee, but her vies and beliefs to continue quantitative easing, despite a failure to see any real gains, greatly troubles me.”

The full Senate is expected to cast their vote in December. 

If Yellen is voted in, she would be the first woman to lead the Federal Reserve. She would also be replacing current Fed Chairman Ben S. Bernanke, who will be stepping down in January after two four-year terms.

Reach Executive Producer Lizzie Pereira here



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