Yellen stands by Federal Reserve's low rate policies

2013-11-14T16:51:00Z 2013-11-14T18:12:09Z Yellen stands by Federal Reserve's low rate policiesThe Associated Press The Associated Press
November 14, 2013 4:51 pm  • 

WASHINGTON — Janet Yellen made clear that she's prepared to stand by the Federal Reserve's extraordinary efforts to pump up the economy when she's chairman, if that's what it needs.

During a two-hour confirmation hearing before the Senate Banking Committee, Yellen embraced her so-called "dovish" reputation and expressed strong support for the Fed's low interest-rate policies. And she warned critics that any potential harm those policies pose are outweighed by the risk of leaving a still-weak economy to survive without them.

Yellen faced tough questions, particularly from Republicans. But she also drew praise from senators in both parties and is expected to be confirmed by the full Senate.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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