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Economics

Does Yellen Pick Show Obama Finally Cares About Jobs?

Janet Yellin is the president's first appointment focused on jobs and economic growth.

Janet Yellen, at long last President Barack Obama's nominee for the next chairman of the Federal Reserve, is also something else: His first appointment focused on jobs and economic growth.

It's a sad fact that, five years into his presidency, Obama has shown little interest in nudging monetary policy toward growth -- or even just appointing growth-minded policy makers. Yellen changes that. She has been outspoken about the need for the central bank to support a U.S. economic recovery with accommodative monetary policy -- and, in particular, to reduce unemployment. Meanwhile, Obama has been an outspoken, if not well-argued, advocate for the hawkish view that continued easing creates risks of financial bubbles and instability.