Janet Yellen, the former Chair of the Federal Reserve, has been in the spotlight recently as the COVID-19 pandemic has caused economic turmoil and bank failures. Yellen’s decades of experience in economics and finance have put her to the test as she navigates these challenging times.
Yellen began her career as an economist in the 1970s, working for the Federal Reserve Board and the Council of Economic Advisers. She later became a professor of economics at the University of California, Berkeley, where she taught for over 20 years. In 1994, she was appointed to the Federal Reserve Board of Governors by President Bill Clinton, and in 2010, she became the Vice Chair of the Federal Reserve.
In 2014, Yellen was appointed as the Chair of the Federal Reserve, becoming the first woman to hold this position. During her tenure, she oversaw the recovery from the Great Recession and implemented policies to promote economic growth and stability. She also played a key role in implementing financial regulations to prevent another financial crisis.
However, Yellen’s experience has been put to the test in recent months as the COVID-19 pandemic has caused economic turmoil and bank failures. In March 2020, Yellen joined a group of former Federal Reserve officials in calling for swift action to prevent a financial crisis. They urged the Federal Reserve to provide liquidity to financial markets and support small businesses and households.
Yellen has also been vocal about the need for fiscal stimulus to support the economy during the pandemic. In a recent interview with CNBC, she stated that “we need more fiscal support than we’ve had so far” and called for additional measures to support small businesses and unemployed workers.
In addition to the pandemic, Yellen has also had to navigate bank failures and rescues. In September 2020, two major banks, JPMorgan Chase and Citigroup, were fined for their role in a massive fraud scheme. Yellen called for stronger regulations to prevent similar incidents in the future.
Yellen’s decades of experience in economics and finance have prepared her for these challenging times. She has shown a willingness to take bold action to support the economy and prevent financial crises. As the pandemic continues to impact the economy, Yellen’s leadership will be crucial in promoting economic stability and recovery.
