The Congressional Record is a unique source of public documentation. It started in 1873, documenting nearly all the major and minor policies being discussed and debated.
“NOMINATION OF JANET YELLEN” mentioning the Federal Reserve System was published in the Senate section on pages S7954 on Nov. 17, 2010.
The publication is reproduced in full below:
NOMINATION OF JANET YELLEN
Mr. BUNNING. Mr. President, I want to briefly explain for the record my votes on the nomination of Janet Yellen to be a member of the Board of Governors of the Federal Reserve System and to be Vice-Chairman of the Board of Governors of the Federal Reserve System.
Dr. Yellen is qualified to sit on the Board of Governors. She has already been a member of the Board, and is currently the president of a regional Fed--the Federal Reserve Bank of San Francisco. She has more monetary policy experience than most recent nominees and certainly understands what the job requires.
However, I have serious concerns about her views on monetary policy and her actions during the credit and housing bubble. In reviewing Federal Open Market Committee, FOMC, meeting minutes and transcripts, it is clear to me that Dr. Yellen will support easy money policies and I am afraid she will not take inflation seriously. I do not believe she will stand up to Chairman Bernanke or break the groupthink that exists at the Fed. The FOMC transcripts and minutes I reviewed only strengthen my concerns. I am also concerned that as president of the San Francisco Fed she did not spot or take action to address the housing and credit bubble while overseeing one of the most affected regions of the country. These reasons are why I oppose Dr. Yellen's nomination to be Vice-Chairman and will vote against her for that position when the vote is called.
The Record will thus reflect my vote against Dr. Yellen to be Vice-
Chairman of the Board of Governors of the Federal Reserve System.
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