U.S. Rep. Gregory W. Meeks Statement on President Obama’s Nomination of Janet Yellen as the Next Chairman of the Federal Reserve
New York, NY – October 10, 2013 – (RealEstateRama) — Excerpt: During the financial crisis, Ms. Yellen was a strong advocate for urgent financial reforms to address the systemic weaknesses and reckless practices that devastated our financial markets and lead to 10 million Americans losing their homes.
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(WASHINGTON, D.C.)—Congressman Gregory W. Meeks (NY-05), Ranking Member of the House Subcommittee on Financial Institutions and Consumer Credit, released the following statement following President Obama’s nomination of Janet Yellen as the next Chairman of the Federal Reserve:
“I strongly support President Obama’s decision to nominate Janet Yellen to become our next Chair of the Board of Governors of the Federal Reserve. Ms. Yellen’s experience as Vice-Chair of the Federal Reserve, former Regional Fed Bank President, and former Chair of the Council of Economic Advisers, make her uniquely qualified to assume such an important and strategic role in the conduct of our nation’s monetary and financial affairs.
“During the financial crisis, Ms. Yellen was a strong advocate for urgent financial reforms to address the systemic weaknesses and reckless practices that devastated our financial markets and lead to 10 million Americans losing their homes. And now, with a slow economic recovery that remains fragile, facing significant risks both domestic and international, and with 22 million Americans still unemployed or underemployed, we need a Chair that will focus on putting Americans back to work.
“As Vice-Chair, Ms. Yellen has been a strong voice within the FED pushing for policies meant to address this structural unemployment crisis, which has been particularly devastating for the middle class and low income Americans. As the next Chair, in seeking that crucial balance between price stability and unemployment, I hope that she will remain a strong advocate for the average American.
“I am also pleased to note that Ms. Yellen’s deep institutional knowledge and impeccable working relationships with current Board members would provide for a smooth transition. With mounting risks to our financial markets and our economy, we absolutely need steadiness and tested leadership at the helm of the Federal Reserve.
“I therefore urge the Senate to expeditiously take up her nomination, and quickly confirm her as our next Chair.”
