Governor Dannel P. Malloy on Wednesday afternoon released the following statement in response to President Barack Obama's nomination of Janet Yellen to serve as Chair of the US Federal Reserve:
"I offer congratulations to Federal Reserve Board Vice Chair Janet Yellen on her nomination to serve as Chair of the Federal Reserve System -- it is a well-deserved promotion and an historic one, too. If confirmed by the Senate, she will be the first woman to hold that position. Her distinguished record includes service as President of the Federal Reserve Bank of San Francisco, Professor Emeritus at the University of California Berkley, and as Chair of the Council of Economic Advisors during the Clinton Administration. In addition, it's worth noting that she received her Ph.D. in economics from Yale University.
"Chairman Bernanke is to be commended for leading the Fed and guiding US monetary policy through the most challenging economic crisis since the Great Depression. In nominating Vice Chair Yellen, President Obama has selected a worthy successor."