It looks like the Senate will select the newest Federal Reserve Chief very soon. The candidate – Janet Yellen – has been working as Vice Chair for Federal Reserve and working under leadership of the current Chief Bernanke.
Photo credit to CNN.
From CBS News,
Vice chair of the Fed since 2010, Yellen would begin her four-year term as leader of the century-old bank on Feb. 1. With the economy rebounding from the depths of the recession but only modestly so far, many economists expect her to focus on how to nurture growth without putting it into overdrive, which could risk fueling inflation.
You are probably wondering why this is important. The Federal Reserve Chief is the like the “puppeteer” of the economy. They assist with helping the economy by releasing money or removing the money when needed.
When the Feds release money, it helps businesses with expansions and growth. With influx of money, banks are willing to release more money to businesses, so they can grow and expand. When Businesses grow and expand, they need to hire workers including specialized workers where Aspen can assist.
Besides the importance of having a New Chief at Federal Reserve, it will be the first time a woman will hold this special and important role. Ms. Yellen has supported current Chief Bernanke and his policies. She is expected to continue current influx of money into the economy until the job market and economy improves per CBC News article by Alan Fram. I am looking forward to getting to know more about Ms. Yellen’s policies in coming years.
With the continue influx of money into the economy, businesses will need new staff.