Janet Yellen and the Future of the Fed

Wednesday, September 18, 2013

Today, the Federal Reserve convenes for the second day of a two-day meeting.

At the top of the agenda are possible cutbacks on the $85 billion-per-month stimulus program.

But also looming is the question of who will succeed Chairman Ben Bernanke when his term ends in January.

Until earlier this week, the presumptive front-runner for the seat was Treasury Secretary and former Obama Chief Economic Adviser Larry Summers. But on Sunday, Summers withdrew his name from consideration for the post.

As a result of Summers' withdrawal, the new presumptive front-runner is Janet Yellen, current vice chair of the Board of Governors of the Federal Reserve.

But who is Janet Yellen? And what will she bring to the position if selected?

Susan M. Phillips has some insights to share. She served on the Board of Governors of the Federal Reserve from 1991 to 1998, overlapping with Janet Yellen during Yellen’s first appointment from 1994 to 1997.


Susan Phillips

Produced by:

Ellen Frankman and Kristen Meinzer

Comments [1]

Larry Fisher from Brooklyn, N.Y.

When it comes to understanding the Federal Reserve, my head treads water. I look towards the beach and I see life guards coming towards me with twenty pound weights they want to give me in order to save me. I try to swim towards the horizon, in order to get away from them.

I know people mean well, just not necessarily for me.

It makes me feel young again, and I just want to say,"Whatever."

Sep. 18 2013 01:21 PM

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