The following is a reformatted version of Federal Reserve Vice Chairman Janet Yellen’s prepared testimony for a Nov. 14 confirmation hearing before the Senate Banking Committee. She is President Barack Obama’s nominee to replace Fed Chairman Ben S. Bernanke when his term expires Jan. 31. The remarks were released today by the Fed.
Janet Yellen, nominated to be the next chairman of the Federal Reserve, said the economy and labor market are performing “far short of their potential” and must improve before the Fed can begin reducing monetary stimulus.
Coming up in the global economy this week are readings on inflation in the U.K. and growth in the euro region, the third Communist Party plenary session in China and retail sales in Brazil. In the U.S., Janet Yellen’s confirmation hearing in her bid to become the next chairman of the Federal Reserve will take center stage.
Federal Reserve Chairman Ben S. Bernanke can’t be forced to testify in a lawsuit against the U.S. brought by Maurice “Hank” Greenberg over the government’s bailout of American International Group Inc., a federal appeals court ruled.