AFL-CIO President Richard Trumka sent the following statement yesterday on the confirmation of Janet Yellen as the chair of the Federal Reserve:
We applaud President Obama and the Senate for making sure the most talented and experienced person takes over as chair of the Board of Governors of the Federal Reserve System. Janet Yellen is a brilliant economist deeply committed to making the economy work for working people. Her well-deserved ascension to the chair knocks a notable hole in the glass ceiling that has for far too long kept women from the most powerful jobs in the country.
During Yellen’s years of service as vice chair of the Federal Reserve, she has consistently offered steely eyed and sophisticated analysis of the economy’s weakness. She has tackled head on the human dimensions of an economy wrecked by reckless bankers and tea party members of Congress. While austerity on Capitol Hill has needlessly and tragically prevented fiscal policy from helping the 99%, Yellen ensured that the Federal Reserve could mitigate the tragedy with robust monetary policy. As chair of the Federal Reserve, Janet Yellen will deepen the commitment to the Fed’s “dual mandate.” As a result, job creation will be prioritized as it deserves.
Yellen is also well-positioned to place real restrictions on banks that are once again on the verge of becoming “too big to fail.”
Congress has started 2014 off right by confirming Janet Yellen and renewing the commitment of the Federal Reserve to strengthen America’s sickly labor market.