BERKELEY, CALIFORNIA – The Greenlining Institute and its coalition today applauded President Obama’s decision to nominate Federal Reserve Vice Chair Janet Yellen as the next chair of the Federal Reserve System’s Board of Governors, expected to be announced today. In August, Greenlining and its coalition sent a letter to the White House calling on President Obama to appoint Yellen, noting that she “has demonstrated that she understands the importance of unlocking the economic potential of low-income communities and communities of color.”
“This announcement brings hope to an environment of political mayhem and economic uncertainty in Washington,” said Greenlining Institute Executive Director Orson Aguilar. “Vice Chair Yellen is the smart choice to lead the Fed. In addition to her many qualifications, she has proven herself a strong leader who understands the impact that Fed policies have on Americans’ daily lives.
“What distinguishes Janet Yellen from the pool of excellent candidates is that she understands the human element of her work. Policymakers too often lack any connection to the actual consumers who are most affected by their decisions. Given our uneven recovery from the Great Recession, it’s high time that the Fed Board of Governors connected their policymaking to real people.”
Chairman Bernanke’s exit from the Fed will add another vacant slot to the seven-person voting Board. Governor Elizabeth Duke stepped down in August of this year and President Obama nominated Governor Sarah Bloom Raskin to the No. 2 post at the Treasury Department. Both Yellen and Raskin must be confirmed by the Senate, and Greenlining is urging swift action on confirmation.
