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9 Quotes by Fed Chief Janet Yellen

By    |   Saturday, 11 July 2015 10:02 PM

Federal Reserve Chief Janet Yellen is the first woman to lead the organization. She was appointed to the position in February of 2014 and has previously served as the President of the Federal Reserve Bank of San Francisco. She has also served as vice-chair of the Board of Governors. Since taking over she has spoken often about the economic crisis of the late 2000s and how it affects Americans.

Here are nine quotes on the subjects since she became chair of the Federal Reserve, according to the Federal Reserve Archival System for Economic Research (FRASER).

1. “Maturity transformation is a central part of the economic function of banks and many other types of financial intermediaries. But as we saw in the crisis, maturity transformation also exposes intermediaries to liquidity risk, particularly when intermediaries are heavily reliant on short-term wholesale funding.”
— April 15, 2014 at the Federal Reserve Bank of Atlanta’s 2014 Financial Markets Conference

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2. “After the onset of the crisis, the Federal Reserve took extraordinary steps to stabilize the financial system and halt the plunge in economic activity. Since then, the Fed has continued to use its monetary policy tools to promote the recovery and make progress toward our mandated objectives of maximum employment and price stability.”
— May 15, 2014 to the U.S. Chamber of Commerce as a part of National Small Business Week

3. “By putting downward pressure on interest rates, the Fed is trying to make financial conditions more accommodative — supporting asset values and lower borrowing costs for households and businesses and thus encouraging the spending that spurs job creation and a stronger recovery.”
— May 15, 2014 to the U.S. Chamber of Commerce as a part of National Small Business Week

4. “Widening inequality resumed in the recovery, as the stock market rebounded, wage growth and the healing of the labor market have been slow, and the increase in home prices has not fully restored the housing wealth lost by the large majority of households for which it is their primary asset.”
— Oct. 17, 2014 at the Conference on Economic Opportunity and Inequality

5. “The extent of and continuing increase in inequality in the United States greatly concern me. The past several decades have seen the most sustained rise in inequality since the 19th century after more than 40 years of narrowing inequality following the Great Depression.”
— Oct. 17, 2014 at the Conference on Economic Opportunity and Inequality

6. “The financial crisis and the Great Recession demonstrated, in a dramatic and unmistakable manner, how extraordinarily vulnerable are the large share of American families with very few assets to fall back on. We have come far from the worst moments of the crisis, and the economy continues to improve. But the effects of the recession are still being felt by many families, particularly those that had very little in savings and other assets beforehand.”
— Sept. 18, 2014 at the 2014 Assets Learning Conference of the Corporation for Enterprise Development

7. “A larger lesson from the financial crisis, of course, is how important it is to promote asset-building, including saving for a rainy day, as protection from the ups and downs of the economy. I surely hope that our nation will not face another crisis anytime soon as severe as the one we recently experienced. But for many lower-income families without assets, the definition of a financial crisis is a month or two without a paycheck, or the advent of a sudden illness or some other unexpected expense. Families with assets to draw on are able to deal with these developments as bumps in the road. Families without these assets can end up, very suddenly, off the road.”
— Sept. 18, 2014 at the 2014 Assets Learning Conference of the Corporation for Enterprise Development

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8. “Monetary policy has powerful effects on risk taking. Indeed, the accommodative policy stance of recent years has supported the recovery, in part, by providing increased incentives for households and businesses to take on the risk of potentially productive investments. But such risk-taking can go too far, thereby contributing to fragility in the financial system.”
— July 2, 2014 Monetary Policy and Financial Stability report

9. “The policy approach to promoting financial stability has changed dramatically in the wake of the global financial crisis. We have made considerable progress in implementing a macroprudential approach in the United States, and these changes have also had a significant effect on our monetary policy discussions.”
— July 2, 2014 Monetary Policy and Financial Stability report

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Federal Reserve Chief Janet Yellen is the first woman to lead the organization. She was appointed to the position in February of 2014 and has previously served as the President of the Federal Reserve Bank of San Francisco.
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Saturday, 11 July 2015 10:02 PM
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