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Issues and events that shape Long Island's economic and legislative landscape.

Friday, August 22, 2014

Statement from LIA Chief Economist John Rizzo on Janet Yellen''s Federal Reserve Nomination

"Janet Yellen''s nomination to become the next Chairperson of the Federal Reserve took an important step forward today as the Senate Banking Committee voted 14-8 in her favor.  Moreover, 3 affirmative votes were cast by Republicans, suggesting that there is at least some bipartisan support.  Her nomination will likely go before the full Senate sometime in December.  It is widely anticipated that she will receive the necessary votes there.  Her successful candidacy suggests that the Fed will continue to stimulate the economy so long as inflation remains low, and will not engage in preemptive tapering to ward off higher inflation before it occurs."