Janet Yellen, nominated by President Barack Obama as the first woman to chair the U.S. Federal Reserve, assured Americans on Wednesday that the central bank can still provide relief to millions of Americans as the economy recovers.
“Too many Americans still can’t find a job and worry how they’ll pay their bills and provide for their families,” the current Fed vice chairwoman said at a White House press conference. “The Federal Reserve can help if it does its job effectively. We can help insure that everyone has the opportunity to work hard and build a better life.
“We can insure that inflation remains in check and doesn’t undermine the benefits of a growing economy,” she added, flanked by President Obama and outgoing chair Ben Bernanke. “We can and must safeguard the financial system. The fed has powerful tools to influence the economy and the financial system. But I believe its greatest strength rests in its capacity to approach important decisions with expertise and objectivity.”
Yellen is expected to face little opposition on her way to confirmation.
