NPR : News

Yellen Becomes Fed Chair, And Bernanke Heads To Think Tank

Just as Janet L. Yellen was sworn in as the first woman to head the Federal Reserve, Ben Bernanke announced his next move on Monday.

The former fed chief, who saw the country through a recovery from the worst financial crisis since the Great Depression, will join Brookings' Hutchins Center on Fiscal and Monetary Policy.

The Washington-based think tank says in a press release:

"In the past few years, Mr. Bernanke has been presiding over an historic experiment in monetary policy — more than five years of zero interest rates (so far) and trillions of dollars in bond-buying, a controversial approach aimed at restoring growth to the American economy.

"Ben Bernanke won't have to sit through any more meetings of the Federal Open Market Committee or deliver the Fed's semi-annual testimony to an occasionally hostile Congress or listen to complaints from emerging-market central bankers when central bankers gather in Basel, Switzerland. He won't have to check the computer screen to see what's been happening in Asian markets when he gets up every morning.

"He will, instead, have time to reflect on what just happened. ' I was kind of like if you're in a car wreck. You're mostly involved in trying to avoid going off the bridge. And then later on you say, "Oh, my God," ' he said here recently."

The Federal Reserve announced that Yellen's oath of office was administered Monday morning by Federal Reserve Governor Daniel K. Tarullo.

The AP reports:

"She took the oath in a brief ceremony Monday in front of a fireplace in the Fed's massive board room. Her husband, Nobel-winning economist George Akerloff, was present as were other Fed board members and Fed staff.

"The 67-year-old Yellen made no remarks at her swearing in but did smile to acknowledge the applause of the assembled group."

Yellen's term as chair ends Feb. 3, 2018.

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

NPR

Professional Wrestling World Mourns Longtime Star 'Rowdy' Roddy Piper

The Canadian entered the WWF as a villain and fought Hulk Hogan and Mr. T in the first Wrestlemania event. The career gave the often-bekilted grappler many chances to show off his bagpipe skills.
WAMU 88.5

Donald Trump Sues Chef José Andrés Over Hotel Pullout

Trump has filed a $10 million breach-of-contract lawsuit against Chef José Andrés and his companies after Andrés announced that he's canceling plans to have a restaurant inside Trump's Old Post Office hotel in downtown D.C.
NPR

Pacific Trade Pact In Limbo As Talks End Without A Deal

Disagreements remain among the 12 countries regarding drug patents, market access and more, and likely will delay congressional debate of any eventual agreement into 2016.
NPR

Despite Host Controversy, Amazon Takes A Chance On 'Top Gear'

The trio that made Top Gear the world's biggest car show will return to the small screen in a new show for Amazon Prime. The BBC canned one of its hosts last year after a fight with a producer.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.