President Obama’s nomination last week of Janet Yellen to be chairman of the Federal Reserve System should be welcomed by our nation.
As a former colleague for a decade on the Federal Open Market Committee, I can say that Yellen brings enormous strengths to the role. She is deeply knowledgeable about both economic theory and how it plays out in the real world. She is firmly committed to the goals of the Federal Reserve — price stability, economic growth, and, importantly these days, financial stability. She is more than tough enough to stay the course in pursuing those goals. She is also a terrific listener and consensus builder and is adept at that new required skill of Fed chairmen, communication.