On Monday, January 6, Janet L. Yellen, 67, was selected as the first chairwoman of the Federal Reserve.
Yellen had a healthy win, 56 to 26, though many senators missed the vote due to poor weather. Despite the Federal Reserve’s long, one hundred year history, Yellen is the first woman ever to achieve the position.
The new chairwoman is experienced and has served various other Federal positions, including Fed vice chair. She was instrumental in measures for economy restoration, though her new role will require unraveling those efforts (despite the fact that unemployment is still at 7 percent).
Before the vote, Senator Chuck Grassley expressed his concerns about Yellen’s inability to aid middle-class Americans.
“I fear that they are already way too deep,” said Grassley. The Iowa Republican is unconvinced that Federal efforts will be able to bow out of large-scale asset purchases “without spooking investors” and sparking further inflation.
Others seem more convinced of her future success:
“She has proven through her extensive and impressive record in public service and academia that she is most qualified to be the next chair,” said Senator Tim Johnson, a South Dakota Democrat. “Americans should feel reassured that we will have her at the helm of the Fed as our nation continues to recover from the Great Recession.”
Yellen will officially take office on February 1.