I am absolutely over the moon about the impending approval of Janet Yellen as the next Chairperson of the Federal Reserve Bank. Dr. Yellen will be the first woman to hold this position. I'm especially proud of the fact that she didn't get there with a wink and a nod, but with a lot of hard work.
Dr. Yellen has been serving as the Vice-Chair of the Federal Reserve alongside Ben Bernanke. She has years of experience behind her in the central banking arena and is an intellectual powerhouse. I've been following her for the past few years, anticipating just such a moment.
So I acted a bit like a groupie as I watched her testimony before the Senate Banking Committee. She spoke clearly and confidently about the dual mandate of the Fed. Yes, they must keep inflation low, but first they must keep unemployment low. That second goal has alluded them, thus the aggressive action of the Fed over the last few years.
Yellen did not shrink from the committee's questions. She answered in simple and direct language that showed she possesses the heart of a teacher. She instructed Congress. Further, she lectured them on their responsibilities in a financial crisis. The Fed has done its part in the face of a dire financial situation. Congress has shirked its duty in the fiscal policy area.
The strength of this woman showed throughout her appearance. She will not shrink in the face of criticism. She will not deviate from her path and plan. This woman is no shrinking violet.
With nerves of steel and a twinkle in her eye, Dr. Yellen steps into the most powerful position on the planet. She will be the next Chairperson of the Federal Reserve Bank of the United States.
You go, girl!
Independent, Fee-Only Financial Advisor
