California Bankers Association’s (CBA) Announces Support for Janet Yellen’s Nomination to the Federal Reserve
SACRAMENTO, CA — April 30, 2010 — The California Bankers Association (CBA), one of the largest state banking trade associations in the country, is pleased to learn that Janet Yellen, president and chief executive officer of the Twelfth District Federal Reserve Bank at San Francisco, has been nominated by President Obama to become vice chairman of the Federal Reserve.
“The Fed has played a central role in economic recovery of our country following the worst economic crisis since the 1930s,” said Rodney Brown, president and CEO of the CBA. “As the recovery continues it will be critical to have someone with Janet Yellen’s background and expertise serving in this esteemed position to ensure continued economic stability and growth.”
Janet Yellen assumed her current position at the Federal Reserve Bank in San Francisco in June 2004. During the Clinton administration she was a top economic advisor to the president, and served as chairwoman of the White House Council of Economic Advisers and a member of the Fed’s Board of Governors. In addition, she has taught at the Haas School of Business at the University of California, Berkeley, since 1980 and is a recognized authority on employment issues.
Several CBA members have served with Yellen as board members of the San Francisco Federal Reserve Bank. Yellen and her senior management team’s leadership and availability to California’s banking community have been crucial during these challenging times for the financial services and banking industries.
About the California Bankers Association (CBA)
Established more than 119 years ago, the California Bankers Association (CBA) is one of the largest state banking trade associations in the country. CBA leads the way in developing relevant educational and legislative solutions to some of California’s more pressing financial and banking issues, including adult financial empowerment, identity theft, financial privacy, and financial elder abuse. CBA’s membership includes nearly 200 of California’s commercial, industrial and community banks and savings associations. For more information, visit www.calbankers.com.