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Fed pick Yellen picks up GOP support

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Janet Yellen, President Obama’s nominee to be the next chairwoman of the Federal Reserve Bank, picked up a key Republican endorsement Wednesday as Senate Banking Committee member Sen. Bob Corker of Tennessee said he would vote to confirm her.

Mr. Corker expressed concern about the Fed’s easy money policies under retiring Chairman Ben S. Bernanke and Mrs. Yellen, a labor economist who has been vice chairwoman of the nation’s central bank since October 2010. But he said in a statement he would vote for her after talking with the nominee about his concerns.

“I would prefer to see someone who held a more modest view regarding the limits of monetary policy on our economy, and I have been clear about that,” Mr. Corker said.

But “as a result of these conversations, I do believe she will bring a more transparent approach to Fed decisions and guidance. She will approach decisions with a more rules-based methodology.”

Separately, three other Republican senators signaled this week they were leaning strongly toward backing Mrs. Yellen. Bloomberg News reported that GOP Sens. Tom Coburn of Oklahoma, Lindsey Graham of South Carolina and Orrin Hatch of Utah said in interviews this week they were likely to support Mr. Obama’s pick.

The Senate banking panel is expected to approve the nomination on Thursday, with the full Senate to vote early in December. Mrs. Yellen needs 60 votes to be confirmed and unofficial counts already put her close to that margin now.

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About the Author
David R. Sands

David R. Sands

Raised in Northern Virginia, David R. Sands received an undergraduate degree from the University of Virginia and a master's degree from the Fletcher School of Law and Diplomacy at Tufts University. He worked as a reporter for several Washington-area business publications before joining The Washington Times.

At The Times, Mr. Sands has covered numerous beats, including international trade, banking, politics ...

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