Kansas Common Sense - Nomination of Janet Yellen to Lead the Federal Reserve

Statement

On Thursday, the Senate Banking Committee met in executive session to consider the nomination of Dr. Janet Yellen to chair the Federal Reserve. Her nomination was advanced for consideration by the full Senate following a 14-8 vote in the committee. During a conversation with Dr. Yellen in my office as well as in questions submitted for the committee record, I asked Dr. Yellen about her views on a variety topics including monetary policy, unemployment numbers, bank supervision, regulatory standards for insurance companies, and Dodd-Frank implementation. In my estimation, the Federal Reserve is putting our economy at risk with its monthly bond buying regime known as quantitative easing. The threat of inflation is real. Having discussed this issue with Dr. Yellen, I became convinced that she, if confirmed, intended to continue with the quantitative easing program further exposing our nation to future economic harm. I also have concerns about her views on the regulation of smaller banks. For these reasons, among others, I could not support Dr. Yellen's nomination. With the nomination advancing, I will continue asking questions so that Dr. Yellen and her Federal Reserve colleagues understand the concerns of Kansans.

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