U.S. Senate's No. 2 Republican opposes Yellen as next Fed chair

WASHINGTON Wed Oct 9, 2013 2:32pm EDT

Related Topics

WASHINGTON Oct 9 (Reuters) - The U.S. Senate's number two Republican voiced strong reservations on Wednesday about Janet Yellen as the next chair of the Federal Reserve, signaling potentially significant opposition against her confirmation to this powerful post.

"Ms. Yellen subscribes to the liberal school of thought that the best way to handle our nation's fiscal challenges is to throw more money at them," said John Cornyn of Texas, the party's whip in the Senate.

"This stimulus obsession is the reason the nation finds itself in the fiscal calamity it does today, and the last thing we need is a leader at the helm of the Federal Reserve who is intent on more quantitative easing that harms our economy," he said in a statement.

President Barack Obama plans to nominate Yellen later on Wednesday to replace Fed Chairman Ben Bernanke, whose current term ends in January. The appointment requires confirmation by the U.S. Senate, where Obama's Democrats control 54 of the 100 seats.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.