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Waters Statement on Expected Nomination of Janet Yellen as Fed Chair

October 9, 2013
Press Release

Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement in anticipation of the nomination of Janet Yellen as Chairman of the Board of Governors of the Federal Reserve.

"President Obama's choice in nominating Janet Yellen to lead the Fed is both historic and important for our nation's economy. Ms. Yellen's experience as a former Chair of the Council of Economic Advisers, Regional Fed Bank President, and Vice-Chair of the Federal Reserve make her one of the most qualified people ever to be nominated. 

"Ms. Yellen has demonstrated a unique understanding of the impact of the Federal Reserve's policies on the middle class, particularly the crucial balance between stable prices and low unemployment. During the crisis, she advocated for the urgent need to implement financial reform quickly in order to avoid another meltdown. As Chair, I am hopeful that Ms. Yellen will continue to push for policies that address the still unacceptably high rate of unemployment.

"Over the past several years, we have seen Ms. Yellen's judgment on the economy validated time and again. Because predictions about the future strongly impact Fed policies, this is crucially important. When many economists were optimistic about unprecedented growth in the economy – she saw the bubble for what it was and predicted disaster in the banking system.

"In addition to her impeccable qualifications, her institutional knowledge and working relationships with current Board members would provide for a smooth transition at a critical time for the U.S. economy. 

"In the interest of stability at this critical time for our economy, I urge the Senate to quickly confirm Ms. Yellen."

Congresswoman Waters has been a longstanding supporter of Janet Yellen for Federal Reserve Chair. In July, she spearheaded a letter signed by 37 of her fellow Democrats, urging President Obama to nominate Ms. Yellen to replace Ben Bernanke as Chairman of the Federal Reserve when his term expires.