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Yellen can do it all, unfortunately she has to
by marketwatch.com
There aren’t enough superlatives to describe the importance of President Barack Obama’s decision to nominate Janet Yellen as chairwoman of the Federal Reserve.
Unfortunately, that’s mostly because the job has become far too powerful and influential — a default government for economic policy instead of its true job as manager of monetary policy.
No wonder that the role of Fed chairman is being described as “the world’s most powerful economic policy maker.”
U.S. Sen. Sherrod Brown, (D., Ohio), who lobbied for Yellen, hinted at this enormous responsibility in his statement praising the move on Wednesday.
“Gov. Yellen will work to prevent future bailouts, boost our housing markets, and give the Fed’s mandate to maximize employment the attention it deserves,” he said in a statement.
Sen. Brown is gushing a little bit, and critics might dispute the policies he’s advocating. But few would argue that since the financial crisis, the Fed has been a prime mover in all of the areas on which the senator touched.
That’s not to say tackling these issues isn’t at all the Fed’s responsibility. But a couple of them – housing and bailouts – are not its primary responsibility. If confirmed, Yellen, like outgoing Chairman Ben Bernanke, would be liable for an obligation abdicated by a failed Congress and a too-soft, often-defensive administration. Yellen would be responsible for all that – and a balance sheet that has quadrupled to more than $3.8 trillion.
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