President Obama’s decision to nominate Federal Reserve Vice Chairwoman Janet Yellen to the Fed’s top position is receiving mixed reviews on Capitol Hill while providing a brief diversion from the government shutdown and debt limit fight that’s transfixed Washington.
Sen. Carl Levin, Michigan Democrat, said he “enthusiastically” supports Mr. Obama’s decision.
“She is eminently qualified for the position and has the support of a wide range of economists and financial experts,” he said. “Most importantly, she recognizes the need both for monetary policy that supports economic growth and job creation and for financial regulation that prevents a repeat of the financial crisis from which we are still recovering.”
But at least one Republican colleague, Sen. Bob Corker of Tennessee, said he’s not so sure about the president’s pick.
“I voted against Vice Chairman Yellen’s original nomination to the Fed in 2010 because of her dovish views on monetary policy. We will closely examine her record since that time, but I am not aware of anything that demonstrates her views have changed,” said Mr. Corker, a member of the Senate Banking Committee.
The 67-year-old vice chairwoman became Mr. Obama’s choice to succeed Fed Chairman Ben S. Bernanke after another top candidate, former Treasury Secretary Lawrence Summers, withdrew his name from consideration in the face of strong opposition from liberals and Senate Democrats.