Not His First Choice, But Corker Supports Nominee For Fed Chief

Sen. Bob Corker says he met privately with Janet Yellen multiple times before Thursday’s vote. Credit: TN Photo Services

Federal Reserve chair nominee Janet Yellen has won over Tennessee Senator Bob Corker, who was once seen as a likely no-vote. He says she’s not his first choice, but he likes her transparency.

Republicans like Corker haven’t loved the Fed’s current policy of keeping interest rates at near-zero to stimulate job growth. But at Yellen’s hearing in front of the Senate Banking Committee, Corker made the point that in her career with the Fed, she has voted for many interest rate hikes.

CORKER: “I think it was maybe 27 or so.”

YELLEN: “It could be.”

CORKER: “And how many have you voted against?”

YELLEN: “None.”

Corker says in a statement he is still concerned that she’s spent a career in academia instead of Wall Street, suggesting she surround herself with experienced advisers.

With Corker’s support and votes committed from a handful of other Republicans, Yellen should be approved by the 60-vote majority required in the Senate.