[00:00.100]From VOA Learning English,
[00:02.090]this is the Economics Report.
[00:05.340]The face of America's central bank has changed.
[00:09.240]The Senate has confirmed Janet Yellen
[00:12.950]to lead the board of governors of
[00:15.400]the Federal Reserve System.
[00:17.310]She will be the first woman
[00:19.800]to lead the nation's central bank
[00:22.070]in its 100-year history.
[00:24.770]Ms Yellen will replace Ben Bernanke.
[00:28.470]Mr Bernanke is widely phrased for his decisions
[00:32.630]that strengthen the economy
[00:34.620]during the worldwide financial crisis.
[00:37.730]He served two 4-year terms
[00:41.030]as the chairman of the Federal Reserve.
[00:44.000]President Barack Obama nominated Janet Yellen in October.
[00:49.110]He said then she would be a fierce champion
[00:53.230]for the American people.
[00:55.040]The president also said that Janet Yellen understands
[01:00.100]that the goal of financial policy is to improve
[01:04.020]the lives and jobs of workers and their families.
[01:07.970]Ms Yellen severed as vice chair of the Federal Reserve
[01:13.230]during Ben Bernanke's second term.
[01:16.150]Economists are predicting that as chairwoman,
[01:20.640]Janet Yellen will continue many of Ben Bernanke's policies.
[01:25.210]Both she and Mr Bernanke have called
[01:29.320]for a measured reduction in the Federal Reserve's efforts
[01:33.370]to keep interest rates low.
[01:36.020]The central bank has bought 85 billion dollars
[01:41.230]in securities to push money into the economy.
[01:44.970]During confirmation hearings,
[01:48.090]Democratic Senator Sherrod Brown phrased Ms Yellen's ability
[01:52.890]to identify problems in the financial system.
[01:56.800]"In today's complex financial system,
[01:59.550]it's more important than ever
[02:00.850]that we have strong regulators like Governor Yellen,
[02:03.610]who can recognize emerging threats to economic stability,
[02:07.270]and who isn't afraid to act when they find abuses
[02:12.080]that put American consumers and workers at risk," said Brown.
[02:15.590]But some Senators have criticized Ms Yellen's
[02:19.950]support of programs to increase money in the economy.
[02:25.880]Critics say, these programs cause inflation.
[02:31.450]Republican Senator Chuck Grassley said
[02:36.110]so called "easy money" policies are bad for the country.
[02:40.960]"We need a chairman focused on a strong dollar and low inflation.
[02:46.670]Historical evidence suggests that failing to rein
[02:50.030]in 'easy money' policies risks fueling
[02:52.170]an economic bubble and even hyper-inflation," said Grassley.
[02:57.790]Ms Yellen has repeatedly expressed concern
[03:01.940]over labor issues, including unemployment.
[03:06.010]The rate of unemployment has fallen only to 7 percent
[03:12.220]since the end of the recession,
[03:14.770]that is well above historical averages.
[03:18.770]Economists are predicting that Janet Yellen
[03:23.040]will continue many of the policies begun by Ben Bernanke.
[03:28.930]Those policies including keep the central bank's
[03:33.490]short term interest rates close to zero.
[03:37.600]And that is the Learning English Economics Report.