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.
“TRIBUTE TO JANET YELLEN” mentioning the Federal Reserve System was published in the Senate section on pages S1160 on Feb. 15, 2018.
The Federal Reserve is the US's central bank, expanding many times during great financial uncertainty and panic. It has faced numerous criticisms since its creation in 1913, such as making the Great Depression worse and for lacking transparency and audits.
The publication is reproduced in full below:
TRIBUTE TO JANET YELLEN
Mr. CRAPO. Mr. President, today I wish to say a few words about Janet Yellen, an outstanding public servant, who recently completed her term as Chair of the Board of Governors of the Federal Reserve System and stepped down from the Board. At different times, over 42 years, she served the Fed as staff economist, member of the Board, president of the San Francisco Fed, Vice Chair, and then Chair. Under her leadership, the Fed began the process of normalizing monetary policy by winding down its balance sheet and raising interest rates after years at the zero lower bound.
Twice yearly, Ms. Yellen reported to the Banking Committee on monetary policy, conscientiously answering questions from members and was helpful in enlisting Federal Reserve staff to respond to inquiries from committee members and staff. I have appreciated her willingness to engage constructively with me and members of the committee as we have worked on legislation to tailor regulations and promote a healthy economy.
Over the years, I found Ms. Yellen to be serious, engaging, and generous with her time, a sentiment that is widely shared in this body. I thank her for her service.
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