Janet Yellen was confirmed today as Chariman of the Federal Reserve.
Say what you want about her being too liberal — or whatever the criticism is — there are two things that I believe are important to point out.
1. This is following a long line of non-partisan appointments. Greenspan with Reagan, which was continued by Clinton. Bernanke (the Democrat) who was appointed by Bush and continued by Obama. And now Yellen. More than anything, they simply seem to be putting in the next logical successor. I am particularly pleased that sucessors come from inside the organization, where they had to work their way up, rather than being appointed after doing some other high profile job somewhere else.
2. Whatever Yellen’s political persuastion, it is much better to have anyone – conservative or liberal – as long as they aren’t puppets of the investment banks. Yellen seems to be relatively free of those ties.
As cynical as I am sometimes, this appointment isn’t bad – and it definitely could have been a lot worse.