[Congressional Record Volume 156, Number 150 (Wednesday, November 17, 2010)]
[Senate]
[Page S7954]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       NOMINATION OF JANET YELLEN

  Mr. BUNNING. Mr. President, I want to briefly explain for the record 
my votes on the nomination of Janet Yellen to be a member of the Board 
of Governors of the Federal Reserve System and to be Vice-Chairman of 
the Board of Governors of the Federal Reserve System.
  Dr. Yellen is qualified to sit on the Board of Governors. She has 
already been a member of the Board, and is currently the president of a 
regional Fed--the Federal Reserve Bank of San Francisco. She has more 
monetary policy experience than most recent nominees and certainly 
understands what the job requires.
  However, I have serious concerns about her views on monetary policy 
and her actions during the credit and housing bubble. In reviewing 
Federal Open Market Committee, FOMC, meeting minutes and transcripts, 
it is clear to me that Dr. Yellen will support easy money policies and 
I am afraid she will not take inflation seriously. I do not believe she 
will stand up to Chairman Bernanke or break the groupthink that exists 
at the Fed. The FOMC transcripts and minutes I reviewed only strengthen 
my concerns. I am also concerned that as president of the San Francisco 
Fed she did not spot or take action to address the housing and credit 
bubble while overseeing one of the most affected regions of the 
country. These reasons are why I oppose Dr. Yellen's nomination to be 
Vice-Chairman and will vote against her for that position when the vote 
is called.
  The Record will thus reflect my vote against Dr. Yellen to be Vice-
Chairman of the Board of Governors of the Federal Reserve System.

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