Tip:
Highlight text to annotate it
X
FED CHAIR.
OPRAH WINFREY, HILLARY CLINTON,
ON THE LIST OF THE WORLD'S MOST
POWERFUL WOMEN.
TIME TO ADD JANET YELLIN.
>> YOU EVER HEARD THE NAME JANET
YELLIN?
>> NO, I HAVE NOT.
>> NO, THIS IS THE FIRST TIME.
>> NEVER HEARD OF HER.
>> Reporter: YELLIN IS POISED TO
BECOME THE FIRST WOMAN NOMINATED
TO RUN THE FED.
>> WHO'S GOING TO RUN THE WHAT?
>> Reporter: THE FED.
SHORT FOR FEDERAL RESERVE.
THE AGENCY OVERSEES ALL U.S.
BANKS ENSURING THE MONEY SUPPLY
IS STABLE.
IT'S ONE OF THE MOST POWERFUL
JOBS ON THE PLANET.
DO YOU KNOW WHAT THE FED DOES?
>> DON'T THEY REGULATE INTEREST
RATES.
>> Reporter: MONEY.
CONTROL THE MONEY.
>> THEY CONTROL INTEREST RATE
AND STUFF LIKE THAT.
>> I DO KNOW THAT THEY HAVE TWO
FUNCTIONS.
FIRST IS TO MAXIMIZE EMPLOYMENT,
AND SECOND IS TO CONTROL
INFLATION.
>> Reporter: WOW.
HOW DO YOU KNOW THAT?
>> WELL --
>> Reporter: ARE YOU AMERICAN?
>> NO.
>> Reporter: WHERE ARE YOU FROM?
>> HOLLAND.
>> Reporter: FOR 19 YEARS THE
FED WAS RUN BY THE FAMOUSLY
INSCRUTABLE ALAN GREENSPAN.
>> INCREASED UNCERTAINTY CAN
INDUCE A HIGHER DISCOUNT OF
THOSE RETURNS.
>> Reporter: THEN CAME BEN
BERNANKE, THE GREAT RECESSION,
CHAEF MONEY AND A MORE USER
FRIENDLY FED.
>> THE ECONOMIC RECOVERY
CONTINUED AT A MODERATE PACE.
>> Reporter: NOW THE PRESIDENT
HAS TO FILL THOSE SHOES.
>> JANET.
>> THANK YOU, MR. CHAIRMAN.
>> Reporter: YELLIN HAS DEGREES
FROM BROWN AND YALE, TAUGHT AT
HARVARD AND GOT TENURE AT
BERKELEY.
HER SON IS AN ECONOMIST, HER
HUSBAND HAS A NOBEL PRIZE IN
ECONOMIC THEORY.
THE 67-YEAR-OLD HAS BEEN ON THE
FED FOR MORE THAN A DECADE.
SHE'S BEEN A TRAIL BLAZER FOR
WOMEN IN HER FIELD.
>> AT THE HIGHEST LEVEL SINCE
CENTRAL BANKING THERE ARE VERY
FEW WOMEN.
>> Reporter: SHE RAN THE SAN
FRANCISCO FED WHERE SHE WAS
KNOWN FOR STANDING IN THE LUNCH
LINE WITH OFFICE STAFF AND FOR
HER WORK ON JOBS AND WAGES.
SHE RECENTLY SAID UNEMPLOYMENT
IS NOT JUST STATISTICS TO ME.
THAT'S WHY SO MANY DEMOCRATS
LIKE HER.
BUT SHE'S ALSO SEEN AS A PRETTY