Roberts opposes Yellen Federal Reserve nomination

Sen. Pat Roberts (R-Kan.) said on Wednesday that he opposes President Obama’s nomination of Janet Yellen to lead the Federal Reserve Board of Governors.

“Vice Chair Yellen will continue the destructive and inflationary policy of pouring billions of newly printed money every month into our economy, and artificially holding interest rates to near zero,” Roberts said. “This policy has been in place far too long.”

Roberts said the “artificially low cost” of money is affecting senior citizens who are now living on their savings. Inflation has caused the value of their savings accounts to shrink leaving them with less money than they thought they would have.

“The national debt is being financed on the backs of our senior citizens, and puts the future of their grandchildren at unacceptable risk,” Roberts said.

Roberts said the government needs a chairperson who will look at the national debt as more than just financing and look ahead at the long-term consequences.

Yellen first began working with the FRBG in 1977 as an economist. She was appointed to the board in 1994. From June 2004 until 2010 Yellen was the president and chief executive officer of the Federal Reserve Bank of San Francisco. She was appointed the vice chairwoman of the Federal Reserve System in October 2010.