Tags: Corker | Fed | Yellen | Senate

Sen. Corker: I Voted Against Yellen in 2010 and See Little Change Since

By    |   Wednesday, 09 October 2013 11:59 AM

President Obama is expected to nominate Federal Reserve Vice Chair Janet Yellen to replace Fed Chairman Ben Bernanke, but Sen. Bob Corker, R-Tenn., says he isn't a fan.

Corker is a member of the Senate Banking Committee, which must approve the nomination.

Yellen's positions on monetary policy remain in question. Many expect her to be equally as dovish, if not more so, than current Fed chairman Ben Bernanke. Critics of quantitative easing worry that this means the cheap money will keep flowing.

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Corker voted against Yellen's original nomination to the Fed in 2010. His opposition was driven by beliefs that she was too dovish then, and he remains skeptical now.

"I felt like she was not particularly modest about the role of monetary policy in the economy. And I don't see any evidence that's changed," he told CNBC.

Corker said he will review Yellen's record, but admits that there is not much to go on since she hasn't given a lot of talks and there aren't a lot of notes. That leaves much focus to be directed to her appearance before the committee, which "ought be an interesting hearing," Corker noted.

While the quantitative easing trade is halfway on, no one knows what the effects are, he said, noting that he wants to "understand how she expects to get out of the trade. Why there wasn't tapering that took place; when will it take place; any evidence that quantitative easing is actually working relative to employment."

"And I want to make sure, she doesn't view herself as an enable of bad policy within the Congress itself," he added.

Corker says he looks forward to hearing what her views. "But again, I've seen nothing to change my view of where she is relative to monetary policy in the last two or three years," he told CNBC.

If the Senate Banking Committee votes in favor of Yellen's nomination, which Corker believes will happen, consideration is passed to the Democrat-controlled Senate, where she has broad support. This summer a third of the chamber's democratic senators signed a letter calling for her nomination, The Associated Press reported.

Sen. Tim Johnson, D-S.D., heads the Senate Banking Committee and told the AP he intends to advance Yellen's nomination quickly.

"She has a depth of experience that is second to none, and I have no doubt she will be an excellent Federal Reserve chairman," Johnson said.

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President Obama is expected to nominate Federal Reserve Vice Chair Janet Yellen to replace Fed Chairman Ben Bernanke, but Sen. Bob Corker, R-Tenn., says he isn't a fan.
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2013-59-09
Wednesday, 09 October 2013 11:59 AM
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