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November 12, 2013

Yellen Hearing to Stir Up Fed Issues

Senators will press Janet Yellen on a number of issues next week during a confirmation hearing on her nomination to lead the Federal Reserve, but one likely topic is a matter over which she has no control: the vacancy for a Fed vice chairman for supervision.

It is up to President Barack Obama to nominate a candidate for the job, a new role within the seven-member Fed board created by the Dodd-Frank financial law more than three years ago. He has yet to do so, frustrating Republican critics and some Democratic supporters of the law.

Sen. Jerry Moran (R., Kan.) raised the issue of the vacancy with Ms. Yellen during a recent meeting, he said. He said he reiterated the concerns he and Sen. Mike Johanns (R., Neb.) voiced in a letter to the White House last year. Both are members of the Senate Banking Committee, which will hold Ms. Yellen’s confirmation hearing on Nov. 14.

Ms. Yellen, vice chairwoman of the Fed board, has been nominated to succeed Fed Chairman Ben Bernanke after his second term ends in January.”

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Read full Wall Street Journal article here

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