Conservative think tank opposes Yellen nom

by 26 Nov 2013
A conservative think tank announced Monday that it opposes the confirmation President Obama’s pick to head the Federal Reserve.

The Heritage Foundation, which rates lawmakers on how conservative they are, said it would be scoring senators on their votes in the confirmation of Janet Yellen, according to a Wall Street Journal report.

Heritage cited Yellen’s support for the Fed’s current $85bn-per-month bond-buying program as among its reasons for opposing her confirmation, the Journal reported.

“Although Yellen acknowledged the current size of the portfolio is ‘unprecedented’ she did not present a plan to roll back the Federal Reserve’s engagement in such activities,” Heritage said in a statement.

Yellen’s dovish monetary policies may be making Heritage unhappy, but they’re just fine with many in the mortgage industry – the Fed’s bond-buying program has led to historically low interest rates.

Not that Heritage’s opposition matters much in the long run; with Senate rules revised to prevent Republicans from filibustering nominations, Yellen’s confirmation is virtually assured.



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