#AceBreakingNews says `Yellen Sworn in as First Female Federal Reserve Chief’
Janet Yellen was sworn in Monday to her first term as chair of the US Federal Reserve, Reuters reported. The oath was administered by Fed governor Daniel Tarullo. Yellen succeeds Ben Bernanke to become the first woman to head the Fed. Her term ends Feb 3 2018.
– Yellen is often seen as a monetary policy dove because of her long-held view that the Fed should tolerate slightly higher inflation if that is the cost of fighting high unemployment. But during 12 years of monetary policymaking, she has never dissented on any Fed decision, including interest rate hikes.
– As Fed vice chair, Yellen was an outspoken proponent of the Fed’s aggressive stimulus efforts during and after the 2007-09 crisis, and played a lead role in refining the central bank’s communications strategy. She spearheaded the Fed’s adoption of a 2-percent inflation target. She believes the public understanding of the Fed’s policies is crucial to their effectiveness.
– Before her stint as vice chair, which began in October 2010, Yellen ran the San Francisco Fed for six years. Previously, she had been a member of the Fed Board of Governors from August 1994 to February 1997 before she left the central bank to head President Clinton’s Council of Economic Advisers through August 1999. She has also taught economics at the University of California, Berkeley, where she has been on the faculty since 1980.
– She is the first woman to chair the Fed in its 100-year history, and among just a handful of top female central bankers globally.