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Last week, President Barack Obama formally nominated the vice-chairman of the Federal Reserve, Janet Yellen, to succeed Ben Bernanke as Federal Reserve chairman in January. Yellen has been at the Federal Reserve for nearly twenty years and she became President Obama’s top choice for the job after his top candidate, Larry Summers, withdrew from consideration last month. If Yellen is confirmed by the Senate, which seems like a formality, she would become the first woman to lead the Federal Reserve in its one hundred year history. Holding this job would arguably make her the most powerful woman in the world and she will face several challenges, including how to handle the Fed’s quantitative easing (QE) program, how to lower unemployment while keeping inflation low, and convince central bankers in other countries that the Fed’s policies are in their best interest.
This brief will discuss Yellen’s background, the politics of her nomination, and how she might shift the operations of the Federal Reserve after taking the reins.
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