President Barack Obama finally settled on Janet Yellen to succeed Ben Bernanke as the next chair of the Federal Reserve. No woman has previously held that position, nor has any previous nominee for the job been as qualified as Yellen. Binyamin Appelbaum’s profile of Yellen for the New York Times is excellent. Some other good links about her views are here. She is commonly described as an “inflation dove,” meaning that in her opinion, reducing unemployment should be a higher priority than keeping inflation low (the traditional obsession of Fed chairs). A few years ago, Bleeding Heartland user PrairieBreezeCheeze discussed why it’s time for a Fed chair willing to prioritize employment. Even now, long-term unemployment is still near historically high levels.
Nobody’s perfect, and Zach Carter offers a more negative take on Yellen, focusing on her support for NAFTA, a chained Consumer Price Index, and repealing the Glass-Steagall Act during the 1990s. Nevertheless, Yellen is a much better person to run the Fed than Obama’s first choice for the job, Larry Summers. Credit goes to the coalition that came out early against Summers, convincing five Democrats on the Senate Banking Committee to oppose him.
Despite today’s news, President Obama’s record on appointing women to cabinet-level positions remains worse than Bill Clinton’s–and not for lack of qualified women to choose from.
UPDATE: After the jump I’ve added some remarks from President Obama and Yellen at today’s press conference. SECOND UPDATE: Added Senator Tom Harkin’s official comment.
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