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>> NOW, AS I'VE SAID, THE
DECISION ON WHO WILL SUCK CEASE
BEN IS ONE OF THE MOST IMPORTANT
ECONOMIC DECISIONS I'LLTROKEMAKE
AS PRESIDENT, ONE OF THE MOST
IMPORTANT APPOINTMENTS ANY
PRESIDENT CAN MAKE BECAUSE THE
CHAIRMAN OF THE FED IS ONE OF
THE MOST IMPORTANT POLICYMAKERS
IN THE WORLD.
AND THEY'LL HELP TO GUIDE THE
ECONOMY AFTER I HAVE LEFT
OFFICE.
I HAVE CONSIDERED A LOT OF
FACTORS.
FOREMOST IS AN UNDERSTANDING OF
THE FED'S DUAL MANDATE.
SOUND MONETARY POLICY TO KEEP
INFLATION IN CHECK, AND ALSO
INCREASING EMPLOYMENT AND
CREATING JOBS WHICH REMAINS OUR
MOST IMPORTANT ECONOMIC
CHALLENGE RIGHT NOW.
AND I'VE FOUND THESE QUALITIES
IN JANET YELLEN.
SHE'S A PROVEN LEADER AND SHE'S
TOUGH.
NOT JUST BECAUSE SHE'S FROM
BROOKLYN.
JANET IS EXCEPTIONALLY WELL
QUALIFIED FOR THIS ROLE.
SHE'S SERVED IN LEADERSHIP
POSITIONS AT THE FED FOR MORE
THAN A DECADE.
AS VICE CHAIR FOR THE PAST THREE
YEARS, SHE'S BEEN EXEMPLARY AND
A DRIVING FORCE OF POLICIES TO
HELP BOOST OUR ECONOMIC
RECOVERY.
SHE'S RENOWNED FOR HER GOOD
GOVERNMENT.
SHE SOUNDED THE ALARM EARLY
ABOUT THE HOUSING BUBBLE, ABOUT
EXCESSES IN THE PRIVATE SECTOR.
SHE DOESN'T HAVE A CRYSTAL BALL,
BUT WHAT SHE DOES HAVE IS A KEEN
UNDERSTANDING OF HOW THE MARKETS
AND THE ECONOMY WORK, NOT JUST
IN THEORY BUT ALSO IN THE REAL
WORLD, AND SHE CALLS IT LIKE SHE
SEES IT.
SHE ALSO KNOWS HOW TO BUILD
CONSENSUS.
SHE LISTENS TO COMPETING VIEWS
AND BRINGS PEOPLE TOGETHER
AROUND A COMMON GOAL.
AND AS ONE OF HER ADMIRERS SAYS,
SHE'S THE KIND OF PERSON WHO
MAKES EVERYBODY AROUND HER
BETTER.
NOT SURPRISINGLY, SHE'S HELD IN
HIGH ASEEM BY COLLEAGUES ACROSS
THE COUNTRY AND THE WORLD WHO
LOOK TO THE UNITED STATES, AS I
SAID, AND THE FED FOR
LEADERSHIP.
JANET IS COMMITTED TO BOTH SIDES
OF THE FED'S DUAL MANDATE AND
SHE UNDERSTANDS THE NECESSITY OF
A STABLE FINANCIAL SYSTEM WHERE
WE MOVE AHEAD WITH THE REFORMS
WE'VE BEGUN, TO PROTECT
CONSUMERS, TO INSURE THAT NO
INSTITUTION IS TOO BIG TO FAIL.
AND TO MAKE SURE THAT TAXPAYERS
ARE NEVER LEFT HOLDING THE BAG
BECAUSE OF THE MISTAKES OF THE
RECKLESS FEW.
AND AT THE SAME TIME, SHE'S
COMMITTED TO INCREASING
EMPLOYMENT, AND SHE UNDERSTANDS
THE HUMAN COSTS WHEN AMERICANS
CAN'T FIND A JOB.
SHE SAID BEFORE, THESE ARE NOT
JUST STATISTICS TO ME.
THE TOLL IS SIMPLY TERRIBLE ON
THE MENTAL AND PHYSICAL HEALTH
OF WORKERS, THEIR MARRIAGES,
THEIR CHILDREN.
SO JANET UNDERSTANDS THIS, AND
AMERICA'S WORKERS AND FAMILIES
WILL HAVE A CHAMPION IN JANET
YELLEN.
SO JANET, I THANK YOU FOR TAKING
ON THIS NEW ASSIGNMENT.
AND GIVING THE URGENT ECONOMIC
CHALLENGE FACING THE NATION, I
URGE THE SENATE TO CONFIRM HER
WITHOUT DELAY.
I'M CONFIDENT SHE WILL BE AN
EXCEPTIONAL CHAIR OF THE FEDERAL
RESERVE.
I SHOULD ADD THAT SHE'LL BE THE
FIRST WOMAN TO LEAD THE FED IN
ITS 100-YEAR HISTORY.
AND I KNOW A LOT OF AMERICANS,