Janet Yellen was nominated by President Barack Obama for the position of Chairman of the US Federal Reserve on Wednesday. The nomination would be awaiting approval of the US Senate.
Should Yellen's appointment go through, she would set to take Ben Bernanke's position as Chairman when the latter's term ends on January 31.

In 1995, Yellen was asked about whether she would prioritize monetary policy over reducing umemployment rate. Yellen said there would be no conflict in prioritizing both. "When the goals conflict and it comes to calling for tough trade-offs, to me, a wise and humane policy is occasionally to let inflation rise even when inflation is running above target," Yellen said.

Yellen is a veteran in policymaking. As former president of the San Francisco Federal Reserve Bank and a former Fed board governor, she took part in making monetary policies for the US. She was also head of Council of Economic Advisors of former US President Bill Clinton for two years.