Rep. Kevin Brady (R-TX), chairman of the Joint Economic Committee of Congress and a senior member of the House Ways and Means Committee, released the following statement on President Obama’s nomination of Dr. Janet Yellen as the next Chair of the Board of Governors of the Federal Reserve System:
“I congratulate Dr. Janet Yellen upon her nomination as the next Chair of the Federal Reserve. She will bring to the post a reputation for outstanding public service, professional competence and personal integrity.”
“A legitimate concern for many is whether Dr. Yellen will continue, or worse expand, the Fed’s stimulus of Wall Street with the uncertainty it brings to Main Street and the risk of future inflation. Clearly, if quantitative easing were succeeding in its goal of boosting employment, then America would not be experiencing a historically weak recovery four years after the recession ended.”
Brady also predicts that confirmation hearings before the Senate Banking Committee will present Dr. Yellen with an opportunity to articulate what she believes should be the Federal Reserve’s primary mission over the next four years.
“As the Federal Reserve nears its 100th birthday, I would hope that Dr. Yellen would work with those of us in Congress who seek to establish a bipartisan commission to assess the Federal Reserve’s record in that time and recommend reforms in its mission and operations.”