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Yellen Meets With Senate For Fed Confirmation Hearing

Shilpa Nagesh |
November 14, 2013 | 2:31 p.m. PST

Executive Producer

(@AlexPappas)
(@AlexPappas)
On Thursday, President Barack Obama’s nominee to take over current Federal Reserve Chairman Ben Bernanke’s position after Jan. 31, Janet Yellen, met with the Senate to answer questions on the current state of the U.S. economy.

SEE ALSO: Obama Nominates Janet Yellen For Fed Chairman

Yellen supported the central bank and spoke in-depth about the causes of the unemployment rate.

"We know that those long spells of unemployment are particularly painful for households, impose great hardship and costs on those without work, on the marriages of those who suffer these long unemployment spells," she said. "So I consider it imperative that we do what we can to promote a very strong recovery."

 One of the main issues she discussed was the Fed’s current stimulus program. She believes that the current program of purchasing $85 billion per month on treasuries and securities will benefit the economy.

"It's important not to remove support, especially when the recovery is fragile," she said. "I believe it could be costly to withdraw accommodation or to fail to provide adequate accommodation."

Read more about Yellen’s hearing here.

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