Robert Hockett is a professor of law at Cornell University and does regular consulting work for the Federal Reserve Bank of New York and the International Monetary Fund. He comments on today’s expected nomination of Janet Yellen as the next chair of the Federal Reserve.
Hockett says:
“The announcement that President Obama will nominate Janet Yellen to succeed Ben Bernanke as Fed Chair comes at a particularly good time as Tea Party members of Congress continue to threaten national suicide. The reason for saying so is not only that Vice Chairman Yellen will be the first woman to hold the office - though one cannot but notice that non-male finance-regulators have developed an impressive track record in recent years. It is also, and at least as importantly, because she has consistently shown the same flexibility of mind as Chairman Bernanke where Fed Reserve backstopping of the economy absent real fiscal policy from Congress is concerned.”
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