Thursday, October 10, 2013
What Does Yellen’s Nomination Mean for Women?
Yesterday President Obama nominated Janet Yellen to replace Ben
Bernanke as the Chair of the Federal Reserve. If confirmed, this would be a
landmark moment for women in the USA
Yellen’s distinguished and extensive career in economics
began as an assistant professor at UC Berkeley in 1980, where she stayed for
fourteen years and is presently a professor emerita at the Haas School of
Business. In 1997 she moved from being on the Board of Governors of the Federal
Reserve to Chairwoman of President Clinton’s Council of Economic Advisors. Yellen
became President and CEO of the Federal Reserve Bank of San
Francisco
Aside from her considerable experience, Yellen is highly
regarded in financial circles due to her knowledge of the economy and financial
systems. She was among a small number of economists to warn about the dangers
of the subprime mortgage market before the recent recession. Her nomination
takes place following the withdrawal of Larry Summers from consideration. A top
economic advisor to Presidents Obama and Clinton, he faced criticism about
possible ties to Wall Street from both parties.
Her nomination follows an increasing trend of women taking
an active role in the running of the nation’s most vital institutions. The last
election cycle saw the percentage of women in Congress increase from 16.9% to a
historic high of 18.3%. Under President Obama, 43% of his appointees to the
administration have been women. Although this denotes significant progress,
there is still a way to go before women reach their full representational
potential in all levels of government.
In a vicious cycle where women don’t enter the heavily
male-dominated field because of a lack of role models, Yellen’s nomination could
prove to be a breaking factor for many and pave the way for women to shape
economic and monetary policy in the US
