Published On: Thu, Oct 10th, 2013

Janet Yellen nominated to head the Fed, anti-Fed crusader, Ron Paul responds

President Barack Obama announced yesterday his nominee to take the place of Ben Bernanke and head the US central bank, the Federal Reserve.

Mr. Obama, not to the surprise of many, nominated Dr. Janet Yellen, the current Vice Chair of the Fed.

In addition to serving three years as Vice Chair, Dr. Yellen’s biography includes 10 years with the central bank, Chair of the Council of Economic Advisers, and was a leading researcher in monetary economics at Harvard and Berkeley.

Janet Yellin nomination Image/Video Screen Shot

Janet Yellen nomination
Image/Video Screen Shot

The President said, ” The decision on who will succeed Ben is one of the most important economic decisions that I’ll make as President — one of the most important appointments that any President can make — because the chair of the Fed is one of the most important policymakers in the world, and the next chair will help guide our economy after I’ve left office.

“I’ve considered a lot of factors.  Foremost among them is an understanding of the Fed’s dual mandate — sound monetary policy to make sure that we keep inflation in check, but also increasing employment and creating jobs, which remains our most important economic challenge right now.

“And I’ve found these qualities in Janet Yellen.”

Dr. Yellen went on to say, “The past six years have been tumultuous for the economy and challenging for many Americans.  While I think we all agree, Mr. President, that more needs to be done to strengthen the recovery, particularly for those hardest hit by the Great Recession, we have made progress.  The economy is stronger and the financial system sounder.”

Both Yellen and Obama gave much credit and praise to current Fed Chair Bernanke.

While there is a lot of excitement over the President’s nomination of Yellen, at least one person doesn’t see it the same way.

Former Texas Congressman and author of the Audit the Fed bill in the 122th Congress, Ron Paul released the following statement concerning the nomination:

“Many will make a big deal about the nomination of Janet Yellen to be the next Fed Chair, but the reality is, as long as we tolerate the Federal Reserve System and its flawed monetary policy, there will be no policy change at the Federal Reserve,” said Dr. Ron Paul.

“Notably absent from the discussion surrounding the debt ceiling and the government shutdown is the fact that the federal government would not be able to borrow the money it needs to finance its wars, bailouts, and entitlement programs if the Federal Reserve did not continue to buy government debt.

“Until the issue of the Federal Reserve is addressed, I am not optimistic we will see any true spending reform in Washington. Thankfully, the American people are waking up to what the Federal Reserve has been doing to our money and our economy.”

Mr. Obama’s nomination of Dr. Yellen will now go to the Senate for confirmation.

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About the Author

- Writer, Co-Founder and Executive Editor of The Global Dispatch. Robert has been covering news in the areas of health, world news and politics for a variety of online news sources. He is also the Editor-in-Chief of the website, Outbreak News Today and hosts the podcast, Outbreak News Interviews on iTunes, Stitcher and Spotify Robert is politically Independent and a born again Christian Follow @bactiman63

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