Federal, People, Regulation

Sen. Sherrod Brown expresses support for Yellen as head of Federal Reserve

Sherrod Brown

Sherrod Brown

Sen. Sherrod Brown (D-Ohio), the chairman of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, expressed support on Tuesday for Janet Yellen, who was nominated to take over as head of the Federal Reserve.

“Governor Yellen is the steady-handed, consensus builder we need at the helm of the Federal Reserve,” Brown said. “With more than a decade in the Federal Reserve system, including the last three as the point person for monetary policy, no one is more qualified for this job. Her focus on promoting employment is good for American workers and our continued economic recovery. I hope that we can put aside our partisan differences and confirm Governor Yellen as soon as possible.”

Yellen will go up for confirmation before the Senate Banking Committee next week. If confirmed by the full Senate, she will become the first woman to lead the central bank, Reuters reports.

Yellen is likely to face criticism from conservatives over the Fed’s quantitative easing, but with Democrats controlling 55 of the Senate’s 100 seats, she is expected to be confirmed.

The Federal Reserve has maintained near-zero interest rates since late 2008 and has increased the size of its balance sheet to $3.4 trillion through a serious of bond purchases, according to Reuters.

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