This is truly a day made in history. Today, Monday Jan 6, 2014, Janet Yellen was confirmed as the first woman to end the all-male streak of chairs in the ultimate old boys’ club — the country’s central bank. For the first time in its 100 year history, the Federal Reserve bank will be chaired by a woman. This is also the first time we’ve had a Democratic chairperson since 1979 (with Paul Volcker).
This means, we’ll finally have a woman at the helm of the organization that regulates banking and monetary policy in the United States and, in many ways, the world’s. That’s a whole lotta power for one lady. But if anyone can handle it, Yellen can!
Yellen also knows how to use her womanly powers to win over a crowd and rock an interview. In her November confirmation hearings, she won over the panel of senators by pledging to keep a firm hand on the big bank practices that lead to the economic crisis of 2009 and to implement regulations designed to prevent further shenanigans.
“Too many Americans still can’t find a job and worry how they’ll pay their bills and provide for their families,” she said. “The Federal Reserve can help if it does its job effectively.”
Plus, she has a pretty impressive resume, including serving as chair of the Council of Economic Advisers under Bill Clinton, and as head of the Federal Reserve Bank of San Francisco from 2004 to 2010. And if all that weren’t enough, she also had the backing of President Barack Obama.
Once she is officially sworn in, we’ll get to watch this formidable woman tackle the incredibly challenging and reputation-making decisions on how long the Fed can prop up the nation’s fragile recovery without upsetting the markets.
“This program can’t continue indefinitely,” Yellen said. “And I look forward to leading when the time is appropriate for normalizing.”
Well our hats and our hopes go with you, Ms Yellen. And we can’t wait to see where you lead our country. You go, Tough Cookie!