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From VOA Learning English, |
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this is the Economics Report. |
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The face of America's central bank has changed. |
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The Senate has confirmed Janet Yellen |
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to lead the board of governors of |
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the Federal Reserve System. |
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She will be the first woman |
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to lead the nation's central bank |
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in its 100-year history. |
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Ms Yellen will replace Ben Bernanke. |
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Mr Bernanke is widely phrased for his decisions |
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that strengthen the economy |
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during the worldwide financial crisis. |
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He served two 4-year terms |
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as the chairman of the Federal Reserve. |
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President Barack Obama nominated Janet Yellen in October. |
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He said then she would be a fierce champion |
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for the American people. |
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The president also said that Janet Yellen understands |
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that the goal of financial policy is to improve |
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the lives and jobs of workers and their families. |
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Ms Yellen severed as vice chair of the Federal Reserve |
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during Ben Bernanke's second term. |
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Economists are predicting that as chairwoman, |
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Janet Yellen will continue many of Ben Bernanke's policies. |
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Both she and Mr Bernanke have called |
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for a measured reduction in the Federal Reserve's efforts |
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to keep interest rates low. |
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The central bank has bought 85 billion dollars |
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in securities to push money into the economy. |
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During confirmation hearings, |
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Democratic Senator Sherrod Brown phrased Ms Yellen's ability |
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to identify problems in the financial system. |
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"In today's complex financial system, |
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it's more important than ever |
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that we have strong regulators like Governor Yellen, |
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who can recognize emerging threats to economic stability, |
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and who isn't afraid to act when they find abuses |
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that put American consumers and workers at risk," said Brown. |
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But some Senators have criticized Ms Yellen's |
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support of programs to increase money in the economy. |
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Critics say, these programs cause inflation. |
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Republican Senator Chuck Grassley said |
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so called "easy money" policies are bad for the country. |
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"We need a chairman focused on a strong dollar and low inflation. |
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Historical evidence suggests that failing to rein |
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in 'easy money' policies risks fueling |
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an economic bubble and even hyper-inflation," said Grassley. |
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Ms Yellen has repeatedly expressed concern |
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over labor issues, including unemployment. |
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The rate of unemployment has fallen only to 7 percent |
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since the end of the recession, |
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that is well above historical averages. |
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Economists are predicting that Janet Yellen |
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will continue many of the policies begun by Ben Bernanke. |
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Those policies including keep the central bank's |
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short term interest rates close to zero. |
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And that is the Learning English Economics Report. |