Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement upon the confirmation of Janet Yellen as Chairman of the Board of Governors of the Federal Reserve.
“In confirming Janet Yellen, the U.S. Senate has not only made history, but has put in place a Federal Reserve leader who will be a careful steward of our nation’s economy. Ms. Yellen’s unique understanding of the impact of the Federal Reserve’s policies on the middle class will ensure the crucial pursuit of both stable prices and low unemployment.
Her judgment on the economy has been validated time and again. Before the crisis, she saw the bubble for what it was and predicted disaster in the banking system. When the crisis actually happened, she advocated for the urgent need to implement financial reform quickly in order to avoid another meltdown, which was vitally important to staunch the bleeding.
I am hopeful that as Chair, Ms. Yellen will continue to use this good judgment, particularly when it comes to policies that address the still unacceptably high rate of unemployment.
Ms. Yellen’s impeccable qualifications, institutional knowledge and working relationships with the current Fed Board will ensure stability at this critical time for the U.S. economy. I congratulate Ms. Yellen and wish her well in her new and important role.”
Congresswoman Waters has been a longstanding supporter of Janet Yellen for Federal Reserve Chair. In July, she spearheaded a letter signed by 37 of her fellow Democrats, urging President Obama to nominate Ms. Yellen to replace Ben Bernanke as Chairman of the Federal Reserve when his term expires.