Fed Vice Chair Janet Yellen on Thursday robustly defended the Federal Reserve’s bold steps to spur economic growth, calling efforts to boost hiring an “imperative” at a hearing into her nomination to become the first woman to lead the U.S. central bank.
Answering questions before the Senate Banking Committee, Yellen made plain she would press forward with the Fed’s ultra-easy monetary policy until officials were confident a durable economic recovery was in place that could sustain job creation.
“I consider it imperative that we do what we can to promote a very strong recovery,” Yellen told the panel.
If confirmed by the Senate, as widely expected, the former professor and long-time public servant will become the most powerful woman in the history of world finance. She was nominated by President Barack Obama to succeed current Fed Chairman Ben Bernanke, whose term expires at the end of January.
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