Wednesday, November 6, 2013
Janet Yellen to be Next Chairwoman
President Obama has nominated Janet Yellen to become chairwoman of the Federal Reserve, replacing the current chairman, Ben Bernanke, as he retires. This decision has created a lot of controversy among U.S. citizens, but I happen to support it. First off, Yellen is very well-educated; she completed her undergraduate studies at Brown Univeristy and received her PhD from Yale University. She has worked hard to become qualified for this job, through being an economic advisor to Bill Clinton, being President of the Federal Reserve in San Fransisco, and currently working as vice chair of the United States Federal Reserve, alongside Ben Bernanke. Besides being qualified, I believe she would make a good chairwoman because she plans to continue with the Fed's current policies of improving employment rates while controlling inflation, which are low-interest-rate policies. These policies have definitely helped the economy already, and they would only continue to help by her enforcement of them. She also addresses possible issues in the economy, like future inflation or the continuation of monetary stimulus policies for too long, and devises plans to handle those situations. In my opinion, Janet Yellen has more than enough experience and wisdom to efficiently take on the title of chairwoman of the Federal Reserve, and will make helpful decisions concerning the future of our economy.
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I like how you mentioned her stance on unemployment. I agree with you in the sense that she seems a lot more qualified compared to her competitor since she has been the vice president of the Federal Reserve for some time. I like that she wants to lower the unemployment rate but what worries me is there is a possibility of a rise in the inflation rate. This means we won't be able to buy as many goods/services with the same amount of money as we spend on it right now.
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