Janet Yellen Elected as New Governor of The Fed
7 January 2014 16:42 WIB
TEMPO.CO, Washington - The United States Congress have confirmed Janet L. Yellen as the new governor of the Federal Reserve (The Fed). Yellen is the first woman ever in charge of the Central Bank. As the new governor, Yellen faces a difficult task ahead, including to reduce unemployment level below 7 percent and maintain inflation rate.
Congressman from both sides have criticized The Fed for not being helpful in terms of intervening the market. Republican Senator Charles E. Grassley from Iowa, questioned how the Fed would withdraw the campaign on assests sale without panicking the investors and triggering massive inflation.
However, despite having faced strong opposition, Yellen won a total of 26 votes out of 56. She will serve as the first Democrat candidate to run the Fed since Paul Volcker in 1979.
THE NEW YORK TIMES l MAYA NAWANGWULAN
