WASHINGTON: Secretary of the Treasury Janet L. Yellen released the following statement today on President Joe Biden’s nominations to the Federal Reserve.
“President Biden has nominated a full slate of nominees to the Federal Reserve that are committed to the board’s dual mandate of stable prices and maximum employment and represent a diversity of backgrounds that will bring important new perspectives.
We continue to face new challenges as we confront the pandemic and its variants, but we have made remarkable strides to put our economy on strong footing. I am confident these nominees will build on that progress. I also know that these individuals will respect the tradition of an independent Fed, as they work to fight inflation, support a strong labor market and ensure our economic growth benefits all workers.
I strongly believe that a fully staffed Federal Reserve is critical to our economic success, and I urge the Senate to act swiftly to confirm these nominees.