Washington, D.C.—Nevada Senator Harry Reid issued the following statement after President Obama sent to the Senate the nomination of Janet L. Yellen. She would be the Federal Reserve’s first chairwoman and would succeed Ben Bernanke, who has served as chairman since 2006.
“I applaud President Obama’s nomination of Janet Yellen to head the Federal Reserve. Ms. Yellen’s expertise and insight as an economist was evident when she warned our nation of the looming housing crisis almost three years before the bubble burst. She is widely respected among her colleagues both for her deep understanding of economic policy and her ability to build consensus.
“Ms. Yellen will succeed a consummate professional who steered the national and the global economies through the worst crisis since the Great Depression. Mr. Bernanke’s service to our nation over the past seven years has been invaluable. Our economy came back from the brink thanks in part to his work.
“Ms. Yellen is eminently qualified for this position and I am optimistic that her nomination will receive the speedy consideration and confirmation it deserves. Once confirmed by the Senate, I know Ms. Yellen will continue implementing policies that reduce unemployment and promote growth on Main Street as well as Wall Street. Middle class families in Nevada and throughout the nation need her on the job.”