Yellen Responds to Fed Board Nomination
Economist and President of the Federal Reserve Bank of San Francisco Janet Yellen, whom President Obama nominated to become vice chairperson of the Federal Reserve board this morning, has responded to today’s events on her bank’s website:
I’m honored that President Obama has asked me to serve in that capacity. If confirmed by the Senate, I am looking forward to working even more closely with Chairman Bernanke and the other governors, and continuing to collaborate with my colleagues throughout the Federal Reserve System to conduct policies that foster economic prosperity and ensure a stable financial system.
I am strongly committed to pursuing the dual goals that Congress has assigned us: maximum employment and price stability and, if confirmed, I will work to ensure that policy promotes job creation and keeps inflation in check.
Not to read into the statement too much, but it is interesting that Yellen names the mandate of “maximum employment” first and that she mentions jobs twice.