Janet Yellen confirmed by Senate as new Fed chief

Janet Yellen has been confirmed as the new chair of the Federal Reserve. She was confirmed by the Senate by a vote of 56-26. Yellen will make history as the first female Fed chair.Antique faucetsYellen steps into the role as the Federal Reserve is facing criticism from both sides of the political aisle. The Fed has been criticized by Republicans for interfering too much with the stock market by slashing interest rates close to zero. Some have even wanted to abolish the Federal Reserve, including libertarian icon Ron Paul and his son, Kentucky senator Rand Paul. They claim that the Fed is too invasive and devalues the US dollar.China visa Senators like Chuck Grassley have said that Yellen’s recent vote to limit mortgage-backed debt may result in “spooking investors.” Democratic senators have criticized the Fed for not letting banks lend more money to struggling homeowners and not doing enough to help the struggling economy. Her recent vote as a Federal Reserve official signals a change in Fed policy.

The Federal Reserve has taken extraordinary measures to try to get America’s economy out of the Great Recession. Outgoing chairman Ben Bernanke reduced interest rates down to almost zero percent to try to boost the economy. During the Great Recession, he oversaw the controversial bank bailouts and putting $600 million into the banking system. His decision to limit the bond purchases has been met with mixed reactions. “It reflected the progress we have made toward our goal of substantial improvement in the labor market outlook, ” Bernanke said recently.Yellen promises a new direction for the Fed. While Bernanke was criticized for being too passive about boosting the economy, Yellen has made comments that suggest she would take a more active role as head of the Fed. During a confirmation hearing, she said, ”I consider it imperative that we do what we can to promote a very strong recovery.Antique tubs” Even though she has been seen as more aggressive than Bernanke, her main task when she takes office will continuing his policy of dialing back the asset purchases while not upsetting the economy that’s on the mend. Yellen has been hailed as a catalyst for changing the old-boys club of the Fed. Regardless of her gender, Yellen faces a difficult task of guiding the Federal Reserve through a challenging crossroads of such a pivotal point in America’s fragile economic recovery.