She is comparatively reasonable on many matters, together with commerce. Mr. Akerlof recalled in a biographical notice in 2001 that when he met her
She is comparatively reasonable on many matters, together with commerce. Mr. Akerlof recalled in a biographical notice in 2001 that when he met her: “Not solely did our personalities mesh completely, however now we have additionally all the time been in all however good settlement about macroeconomics. Our lone disagreement is that she is a little more supportive of free commerce than I.”
Ms. Yellen has been a significant affect on main officers on the Fed. John C. Williams, who labored for her in San Francisco, now leads the Federal Reserve Financial institution of New York. Mary C. Daly, who now leads the San Francisco Fed, cites Ms. Yellen as a key mentor.
That, together with Ms. Yellen’s expertise working with Mr. Powell, may assist facilitate the type of shut relationship wanted between the Fed and Treasury, that are collaborating on quite a lot of disaster response applications.
Henry M. Paulson Jr., who served as Treasury secretary below President George W. Bush, praised the choice. He mentioned Ms. Yellen “may have a troublesome job forward of her, however she has the expertise, expertise, credibility and relationships with members of Congress on either side of the aisle to make an actual distinction.”
Whereas the opposite main contenders for the job additionally had in depth expertise that spanned fiscal and financial coverage, Ms. Yellen was seen as nicely positioned to make it via Senate affirmation, even when Republicans preserve management of the chamber.
Lael Brainard, one other prime candidate for the function, is the one remaining Fed governor from the Democratic Celebration on the seven-member board, which presently has two open slots. She may need been troublesome to switch on the Fed: Nominees have been laborious to substantiate over the previous decade, and the Senate could stay below Republican management.
Whereas main the Fed, Ms. Yellen at instances had a testy relationship with congressional Republicans. In a single occasion, Consultant Mick Mulvaney, then a South Carolina Republican, mentioned Ms. Yellen was overstepping her boundaries by speaking about inequality.