Amid continued confusion as to whether President Trump will nominate Federal Reserve Chair Janet Yellen for a second term next year or replace her with a candidate more aligned with his pro-Wall Street philosophy, EPI Research Director Josh Bivens will join a press call hosted by the Fed Up coalition on Thursday, August 3, at 12:30 p.m. Eastern to call for Yellen’s reappointment as Fed chair.
Fed Up will be the first major advocacy group to take a public position on the appointment. In tandem with the call, EPI and Fed Up will be releasing a report that lays out the case for another term for Yellen, arguing that under her tenure the Fed has facilitated a sustained economic recovery, achieving more than other policymaking institutions to restore the economy back to health. The report will also argue that the job is not yet complete, showing how many low-income communities of color have not yet recovered from the financial crisis and need a continued focus on full employment.
The Fed Up endorsement comes from an unlikely source, given the group’s role as a vocal critic of the Fed, particularly the lack of diversity in the Fed system and its historical lack of attention to underserved communities.
Yet under Yellen’s tenure, the Fed has resisted repeated and loud calls to prematurely raise interest rates that could harm those communities, resulting in a steady drop in unemployment and growth in jobs and wages—with no sign that inflation threatens to rise above the Fed’s target. And, following sustained advocacy from Fed Up, the Fed has taken steps to improve representation among its leadership, including the appointment of the first black President of a regional Fed Bank, Raphael Bostic in Atlanta.
During the call, the report’s authors will explain why Yellen deserves another term as Chair, and Fed Up coalition members who have benefited directly from the recovery will urge Yellen to remain on the Board of Governors.
WHAT: Press call to unveil report urging a second term for Janet Yellen as Federal Reserve Board chair
WHEN: Thursday, August 3, 12:30 p.m. Eastern
WHO: Josh Bivens, Research Director, Economic Policy Institute
Paola Angel, member, Make the Road New York
Apryl Lewis, member, Action North Carolina
Jordan Haedtler, Campaign Manager, Fed Up
WHERE: For dial-in information and to receive an embargoed copy of the report, contact Jordan Haedtler at (650) 400-4116 and jhaedtler@populardemocracy.org or Dan Crawford at (518) 321-4543 and dcrawford@epi.org.