Rep. Maloney on Fed Chair Yellen’s Resignation

Nov 20, 2017
Press Release

Following Federal Reserve Chair Janet Yellen’s announcement that she will resign from the Board of Governors upon the swearing-in of her successor, Congresswoman Carolyn B. Maloney (NY-12), Ranking Member of the House Committee on Financial Services Subcommittee on Capital Markets, Securities, and Investment, released the following statement:

“Chair Yellen’s term was historic for many reasons. She was the first woman to lead the Federal Reserve, breaking a barrier that had stood for far too long. She also successfully navigated one of the most challenging economic periods we have seen in generations and she leaves as the economy is in far better shape than when she began her term as Chair. Under Janet Yellen’s watch, the U.S. unemployment rate fell to its lowest rate in 17 years, at 4.1%, inflation remained steady at 1.6 percent, and the historic quantitative easing program has been ended. Interest rates are gradually rising as the economy has improved, and the Federal Reserve has begun the process of winding down the its $4.4 trillion balance sheet — all without disrupting the markets or the broader economy. This is a testament to Chair Yellen’s exceptional leadership and her steadfast commitment to ensuring a strong economy for everyone. I hope her successor learns from Chair Yellen’s great successes and builds on her work. We owe her a debt of gratitude for her service.”