Janet Yellen lands new job at think tank

Feb 07, 2018, 00:55
Janet Yellen lands new job at think tank

Federal Reserve Chair Janet Yellen will join the Brookings Institution, a Washington think tank, on Monday after stepping down from the USA central bank.

"I made it clear that I would be willing to serve, so yes, I do feel a sense of disappointment" about not being renominated, Yellen said.

As perhaps her final act at the central bank, Yellen late Friday hit one of the largest USA banks, Wells Fargo & Co, with an unusual ban on growth that follows the San Francisco-based lender's pattern of consumer abuses and compliance lapses. She is the first Fed leader not to be given the chance to serve a second term in four decades.

Trump was highly critical of Yellen during the 2016 campaign, but took to praising her after becoming president.

"We can not tolerate pervasive and persistent misconduct at any bank and the consumers harmed by Wells Fargo expect that robust and comprehensive reforms will be put in place to make certain that the abuses do not occur again", outgoing Fed Chair Janet Yellen said in a statement. Nonetheless, he decided against reappointing the Democrat in favor of nominating Republican Powell.

In letters sent to Wells Fargo board members, Michael Gibson, the Fed's director of supervision and regulation, said those problems show the bank's board did not properly oversee the bank. "I've found him to be a very thoughtful policymaker".

Trump credited with success, but scandal not far behind

Yellen tells CBS' "Sunday Morning" that the stock market, despite the Dow's 665-point drop Friday, is high, and that the financial system is in better shape to handle a sharp sell-off than it was during the 2008 financial crisis.

She cited changes put in place since that time, of which Trump has been critical.

"The financial system is much better capitalized".

Wages last month posted the biggest annual increase in almost 10 years, with the growing United States economy adding jobs at a solid pace, while business and consumer confidence remains high just as a massive corporate tax reform starts to take effect. "The banking system is more resilient".

"The Federal Reserve has been on a path of gradual rate increases and if conditions continue as they have been, that process is likely to continue", she said.

"I don't want to label what we're seeing as a bubble, but I would say that assets valuations generally are elevated", Yellen said, advising investors to "be careful to diversify in their investments".

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