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09 October 2013

Statement of Secretary Cesar V. Purisima on the nomination of Janet Yellen as Federal Reserve Chairman

Janet Yellen being sworn in by Fed Chairman Ben Bernanke
Statement of Secretary Cesar V. Purisima:
On the nomination of Janet Yellen to the Chairmanship of the Federal Reserve
[October 9, 2013]
From the perspective of the Philippines, Ms. Janet Yellen is an excellent and worthy choice as successor to Chairman Ben Bernanke of the Federal Reserve. Her nomination is an historic one, as the first woman to helm the position of undoubtedly the world’s most important central bank.
More importantly, Ms. Yellen’s nomination signals a commitment to stability, continuity, and a smooth transition at the Fed. Ms. Yellen was one of Chairman Bernanke’s co-pilots as they navigated the turbulence of the global financial crisis, as well as the uncertainty of its aftermath. On their watch, the United States was saved many times from economic disaster, and I am confident that her leadership will continue to ably guide the Fed.
I am hopeful that Ms. Yellen’s term will be one that embodies not just steady policy continuity, but a consultative leadership that recognizes the position of the United States as the global economy’s reserve currency. As developing economies across the globe continue to emerge, A Federal Reserve that maximizes dialogue will be ultimately beneficial not just for the world, but for the United States as well.