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Janet Yellen is President Obama’s choice to succeed Ben Bernanke as the Federal Reserve Chair. Yellen is well qualified for the position. Since 2010 she has been the Fed’s Vice Chair, the number two job beneath Bernanke. She previously chaired the San Francisco Federal Reserve, and is Professor Emerita at the University of California, Berkeley. She also chaired the Council of Economic Advisers under President Clinton.1 Yellen’s credentials are not in question, but the wisdom of the policies she might pursue as Fed Chair is. Her upcoming confirmation hearing before the Senate Banking Committee is an important opportunity to learn in which direction Yellen would take the country’s monetary policy if confirmed.
The following questions focus on several facets of the Federal Reserve’s mission. Yellen’s answers to them would say much about what her policy priorities in office would be. Those policies will have wide-ranging economic effects—an especially important consideration during a time of continued economic recovery.