Janet Yellen Is About To Make History
Ladies, does the name Janet Yellen ring a bell? Don’t be embarrassed if it doesn’t. Most of us don’t exactly keep up on happenings at the Federal Reserve – even though we should. But Janet Yellen is poised to become one of the most powerful women in the world, and you should know why!
Yesterday, President Obama nominated Dr. Yellen to be the Chair of the Board of Governors of the Federal Reserve. If confirmed by the senate, she will be the first female Chair of the Fed. Not only has the U.S. never had a female leader of our Federal Reserve – no other major western nation has had a female head of their central bank, either!
If you are not exactly sure what the Fed does, you are not alone. Many people don’t have any idea of the connection between “The Fed” they hear about on the news and our daily lives…
In a nutshell, the Federal Reserve is the central bank of the United States of America. The Fed controls interest rates, money supply and oversees our banking system. So if you have ever tried to buy a house, get a loan, or checked on what the interest rate on your savings account is, you’ve been impacted by The Fed!
A Man’s World?
As we’ve talked about before, the world of economics has historically been dominated by men. So we are interested to see what the global reaction will be to a woman taking charge of the most powerful economy in the world.
Most expect her policies to be in keeping with her predecessor, Ben Bernanke. But Yellen will garner special attention simply for the fact that she is a woman, and she is the first. And while we celebrate this historic appointment, I think we all look forward to the day when so many women are involved in global economics that this sort of news isn’t really news at all.