Senate Banking Panel to Vote on Yellen for FedLegal Compliance Resource
November 20, 2013 — 966 views
The Senate Banking Commission is to make a decision on whom to nominate to head the Federal Bank. The panel is all set to vote for Janet Yellen, the bank’s current vice chairman. Yellen will be the first woman head of the Fed Bank. Prior to her current post, Yellen was president of the Federal Reseve Bank of San Fransisco, and was also a part of the economic advisory team of President Clinton.
She is to succeed current Fed head Ben Bernanke, a prominent and much respected figure. Chairman of the committee Senator Tim Johnson, gathered committee members and decided on Janet Yellen’s nomination. Over the last several weeks, she has had a number of meetings with influential Republicans and Democrats who belong to the banking panel. Now that the nomination has been made, the committee must approve of the choice before it goes to the Senate. Bernanke’s term ends in the first month of the following year.
Democrats Favor Yellen as Fed Chairman
Sen. Sherrod Brown and a group of 20 Democrats had written a letter to President Barack Obama which supported the nomination even before the nomination had taken place. However, it is likely that Yellen will have to win over the Republicans who will probably be against the choice. The Republicans have openly stated that they are against the new monetary policy of the Federal Bank.
For this reason, it is probable that they will vote against her to try and get somebody who can make certain changes to the policy. In 2010, she already faced opposition from Republicans in the banking panel, including Mike Crapo, one of the panel’s top members.
Yellen Needs Five Votes from Republican Side to Secure Advancement to Senate Floor
With the Democrats favoring her, Janet Yellen requires an additional five votes from the Republicans in order to secure her position to the Senate floor. There are some Republicans who are not against her though. Sen. Mike Johanns from Nebraska and Corker both said that they were open to nominations and know that Yellen is very qualified.
However, Corker is to meet with her again this week to put forth his concerns regarding the monetary policy that the Republicans disfavor. Vetter however was completely against her nomination because he feels that Yellen would continue with the Fed’s new policies of quantitative easing and free money.