Stephanie Young, 202-225-3130
WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement after President Obama nominated Janet Yellen as the next chair of the Federal Reserve:
“I am pleased that President Obama has nominated Janet Yellen to serve as the next Chair of the Federal Reserve. She will bring stability to the markets and certainty to our monetary policy. As one of our nation’s most experienced economists, Janet has played an important role in setting monetary policy for over three decades. Her nomination shatters yet another glass ceiling, as the first woman nominated to serve as Chair of the Federal Reserve.
“As Vice Chair of the Federal Reserve and, before that, as President of the Federal Reserve Bank of San Francisco and Chair of the Council of Economic Advisors under President Clinton, Janet has helped oversee America’s monetary policy in times of growth, during the financial crisis and recession, and throughout our economic recovery period. She will be well prepared to take the reins when Chairman Bernanke steps down next year. As an advocate for the Federal Reserve’s mandate to maximize employment, she will bring a strong voice for job creation.
“I join in thanking Chairman Bernanke for his leadership over the past seven years and for helping to see our economy through difficult challenges. I urge the Senate to proceed swiftly with Janet’s confirmation in order to ensure a smooth transition.”