Outstanding individuals shape history and influence the lives of hundreds, sometimes thousands of people, both within a specific country and around the world. Today, ForTraders.org would like to draw your attention to Janet Yellen – an outstanding economist, head of the Federal Reserve System, a woman known not only in the United States but also far beyond its borders.
Newly Appointed Chair of the Federal Reserve, Janet Yellen
Childhood and Adolescence. Janet was born in Brooklyn on August 13, 1946. After graduating from high school in Brooklyn, she enrolled at Brown University, graduating in 1967 with honors. Four years later, she earned her Ph.D. from Yale University.
Family. Janet was born into a Jewish family; her father was a physician. She is currently married to George Akerlof, a renowned American economist and Nobel Prize winner. Her son Robert Akerlof has pursued his career in the traditional economic field of the family and is a professor at the University of Warwick.
Political Views and Works. As a politician, Janet Yellen has established herself as a person with a strong character and unwavering belief in the power of correctness. Her working methods are characterized by firmness and energy. While Washington viewed direct government intervention in natural economic processes as a curse, she strongly advocated for decisive actions by the Federal Reserve. She became the ideological inspiration and main author of the quantitative easing (QE) program. In 1996 and 1998, she published two economic works describing monetary policy and trade liberalism.
Career. After graduating from university in 1971, she taught for five years at Harvard. Then, for two years, she worked as an economics teacher at a prestigious London school. From 1980, Janet Yellen has been teaching at the Haas School of Business at the University of California. After the release of her first book, she was appointed to the position of chair of the advisory council for the economy, which operates directly under the president.
Since 2004, Janet Yellen has held the position of president of the San Francisco Federal Reserve Bank, serving for six years. A year before leaving the bank’s post, she became a member of the Federal Open Market Committee of the Federal Reserve, gaining voting rights. Her departure from the San Francisco Bank was due to taking over the position of Vice Chair of the Board of Governors of the Federal Reserve. At the end of 2013, Barack Obama nominated her for the position of Chair of the Federal Reserve, as the term of Ben Bernanke was set to expire at the end of January 2014.
In early January 2014, as ForTraders.org reminds us, the U.S. Senate approved the nomination of Janet Yellen for the position of Chair of the Board of Governors of the Federal Reserve. More than twice as many senators voted ‘yes’ compared to the group of dissenters. An important point is that Janet is the first woman to hold this position.
Thus, the New York native, raised in traditional Jewish customs – Janet Yellen – at the age of 67 took the chairmanship of the Board of Governors of the Federal Reserve USA upon the direct recommendation of President Barack Obama. Out of 80 senators who cast their votes, 56 supported her candidacy, while 26 opposed it, reflecting high confidence in the economic knowledge and experience of the current head.
FAQ
Who is Janet Yellen?
Janet Yellen is an American economist and the first woman to serve as Chair of the Federal Reserve, the central banking system of the United States.
What is the Federal Reserve?
The Federal Reserve is the central banking system of the United States, responsible for implementing monetary policy and maintaining financial stability.
Why is Janet Yellen significant?
Janet Yellen is significant because she is the first woman to lead the Federal Reserve and has played a key role in shaping economic policies, including the quantitative easing program during the financial crisis.
