News broke last night that President Barack Obama will nominate Janet Yellen as the next chairwoman of the Federal Reserve. AFL-CIO President Richard Trumka released the following statement today on the nomination:
The AFL-CIO applauds President Obama for nominating Janet Yellen as the next chairwoman of the Board of Governors of the Federal Reserve System. Professor Yellen is a brilliant economist with a strong record of leadership as vice chair of the Federal Reserve. Professor Yellen will also be the first woman to serve as the chairman of the Federal Reserve. We commend President Obama for breaking the glass ceiling at this critical public institution.
For the last three years, professor Yellen has served as vice-chair of the Federal Reserve. In that role, professor Yellen has helped Federal Reserve Chairman Ben Bernanke lead the Federal Reserve Board’s efforts to get our economy moving again in the midst of the worst economic crisis since the Great Depression. The Federal Reserve System in normal times has a large influence on the direction of our economy through its power to set interest rates. In times of economic crisis and political gridlock, the Federal Reserve’s role is even more important.
The health of our economy and the stability of our financial system in the context of the current political and economic instability requires there be no delay or uncertainty relating to the leadership of the Federal Reserve. The U.S. Senate confirmed Janet Yellen as vice-chair of the Federal Reserve by an uncontroversial voice vote in 2010, and should move immediately to confirm professor Yellen as chairman of the Board of Governors of the Federal Reserve System.