Yellen's nomination will be sent to the
Obama announced Yellen's nomination during a brief press conference where he thanked Bernanke for his service.
Obama said Yellen "knows how to build consensus" and is committed to increasing employment. "
Yellen said she would "do the utmost" to uphold Obama's trust in her. She noted the past six years have been a challenge and "that more needs to be done." Yellen added that "too many Americans still can't find a job," but that the Fed could help with keeping inflation in check and safeguarding the U.S. financial system.
Yellen's term would begin in January, following the departure of
Yellen currently serves as vice chairman of the Fed. Before being appointed to the Fed board in 2010, Yellen served for six years as president of the San Francisco Fed, one of the nation's twelve regional reserve banks. Yellen is serving her second stint on the Fed board, having previously served a three-year term under President
Yellen headed up the
Before serving in government, Yellen taught economics at
She is also currently listed as a professor emeritus at the
Traditionally, the Fed has a dual mandate of working to promote job creation and to stem inflation. But under the Dodd-Frank financial reform act, the Fed also has the new responsibility of supervising companies designated as SIFIs by the
To date, two insurance companies have been designated as SIFIs:
|Copyright:||(c) 2013 A.M. Best Company, Inc.|
|Source:||A.M. Best Company, Inc.|