Focus on U.S. investment immigration and the latest U.S. news: On the 6th, the U.S. Senate voted to confirm President Obama’s nomination of Janet Yellen, the Vice Chair of the Federal Reserve, as the Chair of the Federal Reserve, making her the first woman to lead the Federal Reserve in its century-long history.
On that day, the Senate confirmed Yellen’s nomination with a vote of 56 to 26. President Obama nominated Yellen on October 9 of last year to succeed Ben Bernanke as the next Chair of the Federal Reserve. Yellen will officially take the helm of the Federal Reserve after Bernanke’s term ends on January 31, beginning her own four-year term.
Born in 1946 in a Jewish family in Brooklyn, New York, Yellen excelled academically from a young age. She graduated from Brown University in 1967 with a Bachelor’s degree in Economics and obtained her Ph.D. in Economics from Yale University in 1971. Yellen has taught at Harvard University, the London School of Economics and Political Science, and the University of California, Berkeley. Her research focuses on the labor market, with in-depth studies on the causes, mechanisms, and countermeasures of unemployment, as well as employment market patterns during economic downturns. From 1997 to 1999, she served as Chair of the Council of Economic Advisers under the Clinton administration.
During her nomination hearing before the Senate Banking Committee on November 14 of last year, Yellen stated that the Federal Reserve has a dual mandate to promote employment and stabilize inflation. There are signs of improvement in the U.S. job market, housing market, and auto market, but the U.S. economic recovery still has a long way to go. The proportion of long-term unemployed individuals among the total unemployed population remains too high, and the Federal Reserve should continue to adopt accommodative monetary policies to support job creation and economic recovery, helping the U.S. achieve full employment.
Yellen has deep ties to the Federal Reserve. As early as 1977, she served as an economist at the Federal Reserve; from 1994 to 1997, she was appointed as a Governor of the Federal Reserve; and from 2004 to 2010, she served as President of the Federal Reserve Bank of San Francisco. In 2010, she was nominated by Obama to serve as Vice Chair of the Federal Reserve. Yellen is a strong supporter of the current zero interest rate and quantitative easing monetary policies of the Federal Reserve.
After the Senate vote, Obama issued a statement saying that Yellen is one of the most respected economists in the United States and has over a decade of experience in important positions at the Federal Reserve. Yellen has helped the U.S. economy recover from recession and regain growth, and he believes she will protect the interests of American workers and consumers, maintain the stability of the financial system, and ensure continued economic growth in the coming years.