Yellen最新任命的新闻稿：
Janet Yellen Named President of San Francisco Federal Reserve
April 12 (Bloomberg) -- Janet Yellen was named president of the Federal Reserve Bank of San Francisco to succeed Robert Parry, who will retire in June after 18 years in the position.
Parry, the second-longest serving regional Fed president behind Gary Stern of Minneapolis, had announced his decision to retire in September. Yellen, 57, will assume the job on June 14, the San Francisco bank said in a statement.
Yellen, a professor of business administration at the University of California's Haas School of Business, is a former Federal Reserve Governor and former chairwoman of the Council of Economic Advisers under President Bill Clinton.
She takes over the largest Fed district by population, land mass and economic output. The 12th Federal Reserve District, which includes Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah and Washington, covers 36 percent of the nation's land mass and about 20 percent of the population. It is home to companies such as Hewlett-Packard Co., Intel Corp., Microsoft Corp., Nike Inc., Starbucks Corp. and Walt Disney Co.
The incoming president ``is not going to have an easy job'' because of the district's size and the loss of California's largest banks, said Martin Mayer, author of the 2002 paperback book ``The Fed.'' The central bank ``is going to be confronted with major inflation problems later in the decade'' as a result of rising national debt ``and that's going to be a problem for whoever comes into the San Francisco Fed job.''
Parry, a native of Harrisburg, Pennsylvania, has been head of the San Francisco bank since February 1986 and will reach the Fed's mandatory retirement age of 65 in May. He was the highest- paid Fed president in 2002, with a salary of $327,800, and was a voting member of the central bank's policy-setting Federal Open Market Committee last year.
`A Huge District'
During Parry's tenure, some of California's largest banks, First Interstate Bancorp and Security Pacific Corp., disappeared through acquisitions. BankAmerica Corp., the state's biggest bank, merged with NationsBank Corp. in 1998 and moved its base to Charlotte, North Carolina.
Consumer prices, excluding food and energy, increased 3.8% year-over-year in 1986, the year Parry became a Fed president. They rose 1.1% in 2003.
Along with Federal Reserve Chairman Alan Greenspan and other committee members, ``Bob helped the Fed attain price stability,'' said Timothy Cogley, an associate professor of economics at the University of California at Davis. Cogley was a senior economist at the San Francisco Fed from 1992 to 1999.
Unemployment in California, Oregon and Washington has climbed since March 2000, after the Nasdaq Composite Index rose to a record close of 5,048.62 and the bubble in technology stock prices burst. All three are among the 10 U.S. states with the highest jobless rates as of February, with California at 6.2 percent, Oregon at 7.1 percent and Washington at 6.1 percent.
Ports along the Pacific Ocean, such as those in Alaska, California and Hawaii, handle 70 percent of all Asian imports that come into the U.S. by water. The San Francisco Fed has turned to Asia as an important area of research.
``The West is a huge district with enormous responsibilities,'' said H. Robert Heller, who served on the Federal Reserve Board from 1986 to 1989. ``Parry has provided good leadership.''
Dissenting Vote
Parry cast the committee's last dissenting vote in June, when he went against an 11-member majority and pushed for a half percentage point cut in the overnight bank-lending rate instead of the quarter-point cut that was eventually approved.
At the time, Parry told the committee he had not yet seen convincing evidence of a significant increase in economic activity, and that a 50 basis point reduction was needed as insurance against continued sluggishness, according to minutes of the meeting held on June 24 and 25.
The FOMC cut the fed funds rate at that meeting to 1 percent, the lowest level in almost 46 years. Central bankers haven't changed it since then.
Parry is ``highly regarded both inside the Federal Reserve and outside,'' said Michael Boskin, a senior fellow at the Hoover Institution who served as chairman of the President's Council of Economic Advisers from 1989 to 1993. ``He's considered a very thoughtful analyst of the economy.
Interest Rates
``He did an excellent job of explaining what was going on in his district, which was particularly important in the late 1990s, with the boom and subsequent bust,'' Boskin said.
The U.S. economy added 308,000 jobs in March, the biggest gain since April 2000, raising the possibility that the Fed may raise its target interest rate this year.
``It's not a matter of if interest rates are going to go up,'' said Kimon Daifotis, head of fixed-income portfolio management at Charles Schwab Investment Management in San Francisco. ``It's a matter of when.''
FOMC voting rights rotate among regional Fed bank presidents on an annual basis, except for the Federal Reserve Bank of New York president, who always votes on interest rates. All 12 regional presidents, voting and non-voting members, participate in FOMC meetings, held eight times a year, and contribute to the committee's assessment of economic and policy options.
San Francisco's president becomes a voting member every three years, with the next opportunity in 2006.
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