Senate confirms Yellen as Fed chair; Nelson votes for her, Rubio against
The U.S. Senate this evening confirmed Janet Yellen to chair the Federal Reserve, the first woman ever to hold the post. The vote was 56-26, and Florida's senators were yet again on opposite sides.
Democratic Sen. Bill Nelson voted for Yellen. Republican Sen. Marco Rubio voted against her. Last year, Rubio explained his objection:
“While Dr. Yellen is an accomplished individual, I will be voting against her nomination to chair the Fed because of her role as a lead architect in authoring monetary policies that threaten the short and long-term prospects of strong economic growth and job creation. Altogether, she has championed policies that have diminished people’s purchasing power by weakening the dollar, made long-term savings less attractive by diminishing returns on this important behavior, and put the U.S. economy at increased risk of higher inflation and another future boom-bust."