WRITTEN BY CLAUDIA GIBB
Economist Janet Yellen from Bay Ridge, Brooklyn has been nominated as head of the US Federal Reserve Bank by the Barack Obama administration.
If the senate approves, Yellen will become the first female in control of the country’s central bank at the age of 67. Janet Yellen will replace Ben Bernanke once he steps down from his role, which is expected to occur in early 2014.
President Obama said Yellen was chosen for her ability to build consensus and listen to competing views. He said that Yellen is “committed to increasing employment and understands the human costs when Americans can’t find a job”.
The Brooklyn native has taught at Harvard University and London School of Economics and was the President of the Federal Reserve Bank of San Francisco. She was also chair of the White House Council of Economic Advisors under Bill Clinton.
If confirmed, Yellen will be the first woman in the United States to hold the role in its 99-year history. If elected, it’s expected that she will try to promote maximum employment, stable prices and a stable financial system.
Yellen needs six republican votes in order to be confirmed as head of the U.S. Federal Reserve Bank. Janet Yellen just might become 18th female in charge of central banks across the world.