NAFCU statement on Yellen nomination advancing to full Senate

WASHINGTON, DC (November 21, 2013) — National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement today regarding the Senate Banking Committee’s approval of Janet Yellen’s nomination to succeed Ben Bernanke as Federal Reserve Board chair, moving her nomination to the full Senate for a vote on confirmation.

NAFCU’s board met with Yellen at Federal Reserve Board headquarters last December. “We appreciated Vice Chair Yellen’s openness and her willingness to hear credit unions’ concerns about economic and regulatory matters affecting their communities,” said Berger. “We look forward to working with her in her capacity as Fed chair upon her confirmation.”

Bernanke’s term on the board expires at the end of January. If confirmed, Yellen will serve a four-year term as Fed chair that continues through January 2018.

Testifying Nov. 14 before the Senate Banking Committee, Yellen acknowledged the need for regulatory relief for small institutions – including credit unions.

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The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public. 

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