As the leader of the most important central bank in the world, Janet Yellen can impact economies around the globe. In Washington, where political wrangling often leads to paralysis, her Federal Reserve can actually decide and act.
Janet is special, being the first woman to occupy her job. She is a trailblazer. I cheer for Janet when watching her in action, and it’s a privilege to discuss research and policy with her.
Janet is smart, experienced and deliberate. She doesn’t push the flawed narrative that financial crises are like natural disasters. She willingly engages on whether current regulations are effective, including with critics like me.
No one person can bring about all the changes in laws, regulation and enforcement still needed to correct the financial system. But Janet Yellen matters a great deal. Her commitment and engagement give me hope.
Admati is a finance and economics professor at Stanford and a co-author of The Bankers’ New Clothes: What’s Wrong With Banking and What to Do About It