Political Quotes

“last night here in the Senate we confirmed Janet Yellen to be the next Chairman of the Board of Governors of the Federal Reserve System. I firmly opposed her confirmation. In 2010 I also voted against Dr. Yellen's nomination to serve as Vice Chairman of the Federal Reserve. I want to explain. At that time I stated my deep concerns about Dr. Yellen's Keynesian bias toward inflation as a member of the Federal Open Market Committee and her poor record of bank regulation as president of the San Francisco Federal Reserve. Those concerns have not faded; rather, they are magnified in light of the importance of the position to which Dr. Yellen has now been confirmed, and that is the Chairman of the Board of Governors of the Federal Reserve. It is not just that the Chairman of the Fed is perhaps the most powerful individual in the global economy; it is that the institution itself is in utterly uncharted waters. I believe we need a Federal Reserve Chairman with the record and resolve to navigate our economy through this incredibly delicate situation. In my judgment, I thought Dr. Yellen was not that person. The Federal Reserve's balance sheet currently stands at $4 trillion. I ask unanimous consent to have printed in the Record a copy of the balance sheet as of January 1 of this year. There being no objection, the material was ordered to be printed in the Record, as follows: 8.…”