【Native Speaker每日综合训练—26系列】【26-05】经管 Yellen

kimwang53

Official Weibo: http://weibo.com/u/3476904471

周六经管，主题是最近被议论很热的领袖女性Yellen，也是继Greenspan，Bernanke之后的又一犹太人，犹太人的Fed。。enjoy~

Part I: Speaker

President Obama Nominates Dr. Janet Yellen as Fed Chair

[Rephrase 1]

[Dialog, 12min 29sec]
Source: youku
http://v.youku.com/v_show/id_XNjE5NjkwNzk2.html

Part II: Speed

Article 1:

Yellen Fed to Stick With Tougher Rules for Riskiest Banks

[Time 2]
As Federal Reserve vice chairman, Janet Yellen played a supportive role in the biggest overhaul of financial regulation since the 1930s. As chairman, she will lead the drive for those policies while monitoring their costs for borrowers and banks.

Since Congress passed the Dodd-Frank Act in July 2010, the Fed has pursued a mission of boosting capital and liquidity standards for the largest, riskiest banks to make them more resilient against economic shocks and less reliant on taxpayer bailouts if they do collapse. Yellen, 67, became vice chairman in October that year and has supported the central bank's initiatives.

"The Fed has got a course in play; she's participated in those discussions, she's voted for them, so I can't see any major changes," said Ernie Patrikis, a former general counsel at the Federal Reserve Bank of New York and now a partner at White & Case LLP in New York. "To stand up and say we should back off -- I just can't see that happening."

President Barack Obama nominated Yellen yesterday to succeed Ben S. Bernanke, 59, when his term expires Jan. 31. She mentioned a "strong and stable financial system" as another goal Congress entrusted to the Fed during her acceptance speech at the nomination ceremony.

While estimating economic and social cost is a routine part of the central bank's analysis in financial rule-making, Yellen's policy approach probably will give it greater emphasis, said Karen Shaw Petrou, managing partner at Federal Financial Analytics Inc., a Washington regulatory research firm whose clients include the world's largest banks.
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[Time 3]
Financial Consequences
"Where you will see a difference is not in toughness on systemic risk, capital surcharges or the deep concern" over markets in which financial institutions pledge securities in exchange for short-term cash, Petrou said. "She will look to see what the financial consequences of a rule are or will it have adverse effects from an economic-development perspective."

As delinquencies rose to more than 18 percent of total subprime-mortgage loans in the first quarter of 2008, for example, Yellen said in a speech that she worried about the impact on low-income communities.

That's consistent with a focus in her macroeconomics work on the ability of government policy to help restore economic equity. During the six years she served as president of the San Francisco Fed, Yellen asked questions underscoring the "human element" of a problem, according to Mary C. Daly, a senior vice president at the district bank who has worked there as an economist since 1996.

Jobless Recovery
Yellen routinely went beyond abstract issues such as the prospect of a jobless recovery, encouraging members of the staff to dig into the individual consequences of unemployment, including how people without work would support themselves and what difficulties they would face in returning to the labor market, Daly said.

Such emphasis won't disrupt the Fed's current approach of forcing the largest institutions to adopt tougher standards. If Yellen wins Senate confirmation, she will take over with much of the central bank's regulatory efforts in mid-course.

"Janet Yellen understands the importance of supervision and regulation over the financial system," said Deborah Bailey, managing director of Deloitte LLP's banking and securities regulatory practice in New York and until 2009 the deputy director of the Fed Board of Governors' supervision and regulation division. "When done effectively, it is critical to achieving and maintaining a strong economy."
【303】

[Time 4]
Leverage Ratio
Yellen supported the Fed's decision in July to adopt a leverage ratio, which measures capital as a flat percentage of assets, eschewing formulas that let banks hold less capital for assets deemed less risky.

She also agreed with a December decision to require large foreign banks with significant U.S. operations to establish holding companies the Fed would supervise.

Indeed, Yellen has supported all of the Fed board's major regulatory initiatives in 2012 and 2013, according to the central bank's website, including a proposed rule to adopt the codification of the Fed's commitment to the global capital accord known as Basel III.

"This means all engines forward as Dodd-Frank continues to get implemented, just as if Bernanke was still chairman," said Jaret Seiberg, a senior policy analyst with Guggenheim Securities LLC's Washington Research Group. "There shouldn't be any radical departure from what we've been seeing."

‘Unaddressed Risk'
Like Daniel Tarullo, the Fed governor in charge of supervision and regulation, Yellen has deep concerns about lightly regulated markets for short-term securities financing. These include transactions in the repo market, which she called "a major source of unaddressed risk" in a June speech.

Congress has bipartisan interest in assuring that the largest banks can fail without taxpayer support, and senators probably will press Yellen for details on her views during her confirmation hearing before the Senate Banking Committee.

"My biggest question to Ms. Yellen will be, will she actively push for higher capital requirements for mega-banks than regulators have announced," said David Vitter, a Republican from Louisiana, who has proposed legislation that would break up the largest financial institutions. "My biggest concerns are that she won't, continuing to support too-big-to-fail and bailouts as needed."
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[The Rest]
‘Unique' Challenges
Senator Mike Crapo of Idaho, the ranking Republican on the committee, said the next Fed chairman faces a "unique set of challenges" that includes "implementing a long list of unfinished rules under Dodd-Frank without over-regulating the community banking sector."

Regulation has been a top concern for the committee's 12 Democrats as well. Five of them signaled they would not support former Obama adviser Lawrence Summers for Fed chairman because of his push in the 1990s to loosen financial rules as a Treasury Department official under President Bill Clinton. Yellen hasn't drawn any opposition from the Democrats on the committee.

"The Federal Reserve has much work left to do to accelerate our economic recovery, finish the important work of financial reform that began with the historic passage of the Dodd-Frank Act and dial down the risk of future financial crises," said Senator Elizabeth Warren, a Massachusetts Democrat who has had a combative relationship with the banks since calling for creation of a consumer-protection bureau. "I have great confidence in Janet, and I am delighted by her historic nomination.
【180】

Source: yahoo finance
http://finance.yahoo.com/news/yellen-fed-stick-tougher-rules-040103796.html;_ylt=A2KJjb2LulhSOREAhQOTmYlQ

Article 2:

Summers v Yellen

[Time 5]
HOW to choose someone for the most powerful economic job in the world? With name-calling and innuendo, it seems. A rancorous campaign for the Federal Reserve’s top job has disturbed the normal August sleepiness in Washington, DC. Janet Yellen, an esteemed economist and vice-chairman to current Fed chairman Ben Bernanke, has been dismissed as lacking “gravitas” in what could easily be mistaken for thinly veiled sexism (no woman has yet held the role). Another front-runner, the brilliant and polarising Larry Summers, is caricatured as a nightmare to work with and a handmaiden to Wall Street. However petty the race, Barack Obama’s eventual decision, which will come this autumn, will prove momentous.

Much has changed since Mr Bernanke took the helm in 2006. Since late 2008 the Fed has taken unprecedented steps to battle the recession and pep up the recovery, cutting interest rates to near zero and printing trillions of dollars to buy up government and mortgage-backed bonds (“quantitative easing”, or QE). It has also tweaked its obscure policy statements to link rate rises to concrete labour-market progress. His successor must decide if the treatment still suits the ailment—and in time wean the economy from the medicine.

Although they boast similar credentials the two leading candidates have very different reputations. Mr Summers has been a dominant figure in Democratic policy circles for two decades, serving as Bill Clinton’s treasury secretary and chair of Mr Obama’s National Economic Council. For his management of the financial crises of the 1990s Time named him a member of “the committee to save the world”. Yet his roles have often been marked by blunders. A stint as president of Harvard University ended badly, after missteps prompted a faculty vote of no confidence.

Janet Yellen’s service on Mr Clinton’s Council of Economic Advisers in the late 1990s was comparatively quiet. She is little known outside the world of central banking. From 2004 to 2011 Ms Yellen was president of the Federal Reserve Bank of San Francisco; since 2010 she has worked as the Fed’s vice-chairman, helping craft the central bank’s response to a weak recovery.

Dark horses cannot be ruled out, like Donald Kohn, a retired Fed veteran and Ms Yellen’s predecessor as vice-chairman, or Timothy Geithner, Mr Obama’s first treasury secretary. Still other names may be on the list. Yet the campaign for the Fed job has become an intense and occasionally uncivil battle between supporters of Mr Summers and Ms Yellen.
【408】

[Time 6]
The low tone of the debate is disappointing. Not enough attention is being paid to the candidates’ economic views. In a 2003 study of past Fed chairmen Christina Romer and David Romer of the University of California, Berkeley, reckon that a candidate who subscribes to a “sound” framework of basic monetary principles is most likely to do well. They find that appointees’ past statements are a valuable guide to their later actions.

That presents a problem. Ms Yellen’s views are an open book. She has written and spoken extensively on monetary policy and the thinking behind the Fed’s current strategy. And she has argued that more could be done to help the jobless given the Fed’s dual mandate: price stability and maximum employment.

Mr Summers’s writing suggests his views are conventionally Keynesian. He reckons the government can help most by boosting demand. But he has sat out the day’s heated monetary debates—save for a mildly sceptical take on QE in remarks at an April conference— and focused instead on fiscal issues. His most recent research argues that fiscal spending could be self-financing if it shortens unemployment spells. Although he is surely more open on monetary policy with Mr Obama, the rest of the world is left guessing his views.

Personality and management style will also be factors. In 2012 Laurence Ball, an economist at Johns Hopkins University, speculated that Mr Bernanke’s retiring temperament may make him too eager for consensus. A more assertive and self-confident chairman, in the mould of Mr Summers, could be more comfortable pushing unpopular policies such as a temporary increase in inflation (which Mr Bernanke recommended for a struggling Japan in the 1990s, but has rejected as treatment for America’s economy). Yet policymaking by consensus may also enhance the Fed’s credibility. The central bank has promised to keep interest rates low beyond the end of Mr Bernanke’s term, for example. Were the current chairman a more bull-headed figure, markets might assume that policy would change with personnel.

A chairman’s greatest challenge is to anticipate—and react to—surprises. Mr Summers’s backers argue that no one can match his nimble mind. Ms Yellen’s partisans contrast Mr Summers’s past enthusiasm for financial engineering with her prescient forecasting record. She was the most accurate of Fed officials between 2009 and 2012, according to a recent survey.

Some wonder whether the net for candidates should have been cast wider. Under Mr Bernanke the Fed has performed well relative to peers but has repeatedly missed its own inflation and unemployment targets. A true outsider is unlikely to be appointed but could be just the thing
【435】

Source: Economist
http://www.economist.com/news/finance-and-economics/21583276-what-does-it-take-run-americas-central-bank-summers-v-yellen

Part III: Obstacle

Article 3:

Janet Yellen's Triple Mandate: Jobs, Inflation, and Wall Street

[Time 7]
Most of the commentary about Janet Yellen, President Obama's historic choice to lead the Federal Reserve, is focused on her views about controlling inflation and unemployment, the Fed's twin mandate. (And here, promisingly, the "dovish" Yellen has said clearly that she is more concerned about unemployment, which is a huge problem, than she is about inflation, which presently is not.)

But another huge part of the Fed's job, especially since the 2008 financial crisis, is re-regulation of the banking system and Wall Street, where Yellen will finish the task that Ben Bernanke started. And here, too, while her track record is not quite as pronounced as it is on monetary policy, she is expected to be very aggressive in reining in risky practices. Yellen, who is almost certain to be confirmed by the Senate, may turn out to be even bolder in her prescriptions than Bernanke or the Obama administration have been, according to officials who have watched Yellen from the inside of the Fed during her three years as vice chairman.

For now, Wall Street is reacting mostly favorably to Yellen's long-anticipated appointment, thanks to her dovish views on inflation and the likelihood that she will not support "tapering" off Bernanke's quantitative easing program, so as to spike the economy's still-tepid growth and ease long-term unemployment.

But the banking community may not quite know what it is getting.

Yellen's views are considered very close to those of Daniel Tarullo, a progressive-leaning Fed governor and expert on global financial regulation whom Bernanke has deputized to oversee new banking and capital standards. In her public remarks, Yellen has echoed Tarullo's push for higher capital standards for "systemically important" or too-big-to-fail banks, and his concerns about curtailing the unstable short-term funding sources of too-big-to-fail banks. Tarullo has been more aggressive than the Obama administration in proposing "a set of complementary policy measures" that goes beyond the Dodd-Frank law. Among them: limiting the expansion of big banks by restricting the funding they get from sources other than traditional federally insured deposits.

Yellen, in an important speech in Shanghai, China in June, went beyond what Bernanke has said by explicitly endorsing some of Tarullo's efforts, saying, "I'm not convinced that the existing SIFI [systemically important financial institutions] regulatory work plan, which moves in the right direction, goes far enough." She also spoke of doing much more, as Tarullo has, to constrain the "shadow banking" sector that caused so much trouble in 2008, including broker-dealers and money market funds. Yellen said "a major source of unaddressed risk" is the hundreds of billions of dollars of short-term securities financing used by these firms, adding: "Regulatory reform mostly passed over these transactions."

Michael Greenberger, a former deputy director of the Commodity Futures Trading Commission and a leading voice for more transparent regulation of derivatives and other arcane Wall Street products, says that Yellen backed his stand for a tougher Dodd-Frank law than the Obama administration, Senate, and House were advocating back in 2010—a time when a fierce fight raged over the historic legislation to reorder the financial system. "I told her about weaknesses in the then existing Senate draft bills and the House bill. She was clearly sympathetic to my concerns, which, in turn, were a reflection of progressive legislative advocacy at that time," Greenberger said this week, recalling a talk he and Yellen had at the so-called Minsky conference in New York, where she gave the keynote address (noteworthy in itself, given that it is named for the late economist Hyman Minsky, who presciently described how financial markets are inherently unstable). Adds Greenberger: "The Obama Administration was not being particularly helpful about these substantive concerns. Compared to the powers that be at that time on the Hill and at the White house, she was a breath of fresh air."

Yellen is thus likely to continue a distinguished line of female regulators who have demonstrated a striking degree of vision, courage and integrity in taking on one of the most chauvinistic of industries, Wall Street. Among her predecessors and peers: new Massachusetts Sen. Elizabeth Warren, who has used her position on the Banking Committee to dress down Wall Street CEOs and the prosecutors who have failed to go after them; Sheila Bair, the former chairwoman of the Federal Deposit Insurance Corp. who angered then-Treasury Secretary Tim Geithner by pushing for harsher treatment of banks during Obama's first term; retired regulator Brooksley Born, who like Bair ran up against accusations that she wasn't a "team player" in the old boys' club when she sought to rein in over-the-counter derivatives trading back in the 1990s; and most recently Mary Jo White, the no-nonsense head of the SEC who has warned she's going to crack down much harder on Wall Street fraud.

Yellen, a former economist at the University of California at Berkeley, has a notable pedigree of skepticism about Wall Street's proclivities: A student of arch-market-interventionist James Tobin at Yale—who famously proposed a tax on financial transactions—she is also the wife and writing partner of George Akerlof, who shared the 2001 Nobel Prize in economics with Joseph Stiglitz for work that showed how markets can fail thanks to imperfect information. As such, she is likely to be even tougher than Bernanke, a former free-marketer and Republican nominee who changed his views somewhat after 2008 and has since turned the Fed into a major interventionist force in the economy.

The late Tobin and Akerlof fought career-long battles to make the case that financial markets work differently, and are more inherently prone to failure, than ordinary markets in goods and services. Their work has tended to back the prescription of John Maynard Keynes, as far back as the Bretton Woods conference in 1944, that "nothing is more certain than that the movement of capital funds must be regulated." In a 2010 interview, Akerlof said he "was always apoplectic" at the kind of rapid deregulation advocated by Harvard economist Larry Summers, who almost certainly would have been nominated in Yellen's place had he not backed out last month—in particular, the abrupt opening up of capital flows around the world, which has arguably led to financial bubbles in one economy after another.

While Yellen did not always act on regulation when needed—claiming that as head of the San Francisco Fed she had to wait on Washington's guidance—the record shows that she appeared to be somewhat ahead of Bernanke in appreciating the dangers of the securitization-led housing bubble. At the Fed's June 2007 she warned that the failing housing sector was the "600-pound gorilla in the room." That was only a month after Bernanke, in congressional testimony, said he saw only a "limited impact of subprime mortgages on "the broader housing market."

Yet Yellen also offered up a refreshing mea culpa after the financial collapse, telling the Financial Crisis Inquiry Commission in 2010 that she "did not see and did not appreciate what the risks were with securitization, the credit ratings agencies, the shadow banking system, the S.I.V.'s [structured investment vehicles]— I didn't see any of that coming until it happened."
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Source：yahoo finance
http://finance.yahoo.com/news/janet-yellens-triple-mandate-jobs-143303528.html;_ylt=A2KJjb2LulhSOREAiwOTmYlQ

AceJ

Yellen Fed to Stick With Tougher Rules for Riskiest Banks
Time2: 1'40" President Obama nominated Yellen as the next Fed chair, whose policy is going to emphasize a strong and stable financial system and estimating social and economic cost
Time3: 2'09" Yellen focus on macro-economy, she will head to maintain balanced and stable economies, especially in financial system and labor market
Time4: 2'00 in 2012 and 2013, Yellen supported all the Fed policies including leverage ratio; the unaddressed risk is will she raise the capital requirements for mega banks

Summers V Yellen
Time5: 3'04" recall that what Ben Bernanke did during 2008 crisis and compared Summers ( member of save world committee in 1990s ) and Yellen (president of Federal Reserve Bank of SF and now vice-chairman of Fed)
Time6: 3'07" continue to judge who is the better for chair from framework of basic monetary policies and personality and management style

Janet Yellen's triple mandate: jobs, inflation and Wall Street
Time7: 9'42"
Except for inflation (not hot) and unemployment (experienced to handle), Janet Yellen is going to face the biggest challenge -- re-regulating Wall Street after taking over the chair of Fed
Yellen carries out Tarullo's view, which reckoned more constrained regulation than Dodd Frank Act on too-big-to-fail financial institutions. Greenberger stand back of Yellen and describe that she was a breath of fresh air
With no doubt, Yellen, a former economist, a wife and a writer, is more tougher than Bernanke in terms of Wall Street
In 2007, Yellen was more predictable than Bernanke in the risk of subprime-mortgage loan, but she also admitted that she did not see risks within securitization, the credit rating agencies, the shadow banking system and SIV until these happened.


发现大家跟我一样对政治经济类文章都非常陌生，针对第一篇文章《Yellen Fed to Stick With Tougher Rules for Riskiest Banks》我查了一些资料，希望能帮助大家；后续更新越障部分的资料

【Dodd-Frank Act 多德弗兰克法案】
美国国会在2010年6月25日通过的参众两院统一版本后的金融改革法案（以众议院金融服务委员会主席弗兰克和参议院银行委员会主席多德两人的名字命名），其核心目的是在金融系统中保护消费者，并限制大型金融机构高风险行为
该法案的三大核心内容
一、扩大监管机构权力，破解金融机构“大而不能倒”的困局，允许分拆陷入困境的所谓“大到不能倒”（Too big to fall）的金融机构和禁止使用纳税人资金救市；可限制金融高管的薪酬。
二、设立新的消费者金融保护局，赋予其超越监管机构的权力，全面保护消费者合法权益；
三、采纳所谓的“沃克尔规则”，即限制大金融机构的投机性交易，尤其是加强对金融衍生品的监管，以防范金融风险。

【Subprime-mortgage loan 次级抵押贷款】
次级抵押贷款是指一些贷款机构向信用程度较差和收入不高的借款人提供的贷款。在前几年美国住房市场高度繁荣时，次级抵押贷款市场迅速发展。但随着美国住房市场大幅降温，加上利率上升，很多次级抵押贷款市场的借款人无法按期偿还借款，导致一些放贷机构遭受严重损失甚至破产。美国次级抵押贷款危机引发了投资者对美国整个金融市场健康状况和经济增长前景的担忧，导致近来股市出现剧烈震荡。
美国抵押贷款市场的“次级”（Subprime）及“优惠级”（Prime）是以借款人的信用条件作为划分界限的。根据信用的高低，放贷机构对借款人区别对待，从而形成了两个层次的市场。信用低的人申请不到优惠贷款，只能在次级市场寻求贷款。两个层次的市场服务对象均为贷款购房者，但次级市场的贷款利率通常比优惠级抵押贷款高2%～3%。

【杠杆比率 (Leverage Ratio) 】
偿还财务能力比率，量度公司举债与平常运作收入，以反映公司履行债务能力
杠杆率=核心资本/表内表外总资产风险暴露

【Basel III 巴塞尔协议Ⅲ】
在雷曼兄弟破产两周年之际，《巴塞尔协议Ⅲ》在瑞士巴塞尔出炉。《巴塞尔协议Ⅲ》是国际清算银行（BIS）的巴塞尔银行业条例和监督委员会的常设委员会———“巴塞尔委员会”于1988年7月在瑞士的巴塞尔通过的“关于统一国际银行的资本计算和资本标准的协议”的简称。该协议第一次建立了一套完整的国际通用的、以加权方式衡量表内与表外风险的资本充足率标准，有效地扼制了与债务危机有关的国际风险。《巴塞尔协议III》[1]几经波折，终于2013年1月6日发布其最新规定。新规定放宽了对高流动性资产的定义和实施时间。

ttlovej

wooooo！久违的首页！！第一次抢到沙发！！谢谢KIM！！

TIME 2  1'24  

Yellen,Fed's vice chairman,was nominated by President Barack Obama  to success Ben S Bernanke.So she became Fed  chair in October.

TIME 3  1'22

Yellen takes over the central bank's regulatory efforts in mid-course and focus on the recovery after the recession.

TIME 4  2'23  

Yellen has supported he major regulations of the Fed board.A republican from Louisiana doubted whether Yellen will continue to support bailouts.

TIME 5   2'27

TIME 6   2'06

The passage talks about the difference between L.Summers and Yellen，including their reputation and their economics views.

sherlock1992

首页~~~，要努力喽~  谢谢kim~~~

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irvan

前排～～谢谢Kim

___________________
Obstacle
07:08
Introduction of Yellen and what she did to the inflation, unemployment and Wall Street.

疏离无罪

首页，谢谢Kim，幸苦了

01:34
Yellen was nominated by President Obama to succeed Ben.Yellen will rasie a policy that put much restrict on big banks.

01:53
Yellen focused on the financial consequences of a rule ,the economic equity and recovry in job mrecovery.

02:20
Yellen almost supported all the decisions in FED made during 2012 and 2013,showing a case that there will be no change in Fed if Yellen get the position.
Yellen concerned about the unaddressed risk.

02:33
There will be an intense competition among several candidates to get this chairman position in Fed.
An introduction of Summers and Yellen,two main competitors in this campaign.

02:59
Candiates' previous statement may show ,to some extent, their later action on the policy.Personality , management style and the ability to react to suprises will be factors that are considered to the position.

06:35
The position need Yellen to concerns about controlling inflation and inemployment rate.
In Yellen's opinion,unemployment rate is more important to think about.
However,re-regultaions on banking system is at the top of the Fed's work lists.
According to the view of Yellen on inflations and unemployment rate,it seems that Yellen will not put much stress on the regulation.
But the fact is that Yellen may make more restrictive regulations on banking system.
Several reasons are given in the article to show why Yellen's view on regultaions are so tough and what she will do in the regulatory reform.

晓野的野

火速过来占座儿！
DDDDDDDDDDDDDDDDD
谢谢Kim
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zxppx

我来也！谢谢Kim，感觉很多政治方面和经济方面的术语还不是很了解，理解起来有些吃力。但这次仔细专研，下次就会更好！
1.1-40
Yallen was nominated by president Obama to succeed Ben Bernanke yesterday in the White House. Yallen participated a lot of conferences in the Federal Reserve, so she knows the economy very clear. What's more, after the financial crisis in 2008, A new Act aiming at making big banks and financial agencies stronger and less rely on the taxpayers was passed, and Yallen also joined in the discussion. Her goal is to make a stationable economy in the next few years.
2.2-02
Yallen considers a lot of "human factor" in the consequence of financial crisis, such as unemployment, and she will her best to deal with the jobless recovery.
3.2-03
The author describes some measures and views of Yallen, then points out that an unaddressed risk regarded by Yallen. At last, the author talks about some republic senators' attitude about Yallen.
4.2-38
For Summer and Yallen, there is a intense combate between them, because one of them may be the next chair of the Federal Reserve to succeed Ben Bernanke. Summer is a very famous man and once served for Bill Cliton. On the contrary, Yallen is quite silent, even though she also did many excellent contributions. The final result of Obama is coming.
5.3-12
The first thing is about the writings of the candidates, and Yallen and Summer are good at them. Especially, Summer is worshiping the Ks, who emphasized that the government should stimulate the demand to develop economy. The other thing needed to be considered is the personal style. No matter who become the next chair of the Federal Reserve, he or she needs to reduce the unemployment and promote the economy without high inflation (my own opinion).
6.8-34
Yallen will take three mandates: employment, inflation and Wall Street. The two formers are very usual, while the thrid one is special. The reason is that after the financial crisis in 2008 people pay attention to the Wall Street where is the centre of the global economy. Yallen doesn't accept the too-big-to-fail banks reasoning, and also has many different ideas of the former chair. She is a professor in the University of California, Berkeley, and her husband got the Nobel Prize economic award for his theory of imperfect information. What's more, when she worked as the chair of federal reserve of San Fransico, she showed her extraordinary anticipation of the economy. How humble and wise a woman she is!

紫色精灵946

感觉遇到瓶颈么……越障做得好烂，每个单词都认识，但好像就是读不懂捏……最近好受挫
time2 1:33 .Yellen supports that the banks should be more reliant against the economy shocks and less on the taxes.she will lead the drive for policies while monitoring their costs for borrowers and banks.
time3 2:12 .since 2008.Yellen has focused on the low-income economy and always  attemped to find the "human elements" in affairs.Yellen will not stay in the abstract problems but acturally take over with much of the central bank's regulatory efforts in mid-course.
time4 2:05 .Yellen has supported all of the Fed board's commitment.She gave concerns about unaddressed risk.someone questioned that whethe Yellen will push for higher capital requirements for mega-banks than regulators have announced
the rest:Yellen has to implement a long list of unfinished works by  DF.
time5 2:30 . there are two candidates for the Fed chair,while if Yellen is chosen finally.she will be the first female Fed chair unprecedently and the Summer is famous in Wall Street.The last chair did a great deal of steps to battle the recessio.The article then shows the details about the two candidates respectively.who will be chosen finally is a mystic until the last moment.
time6 2:35 .People should pay attention to the candidates' past presentation on the fiscal issues.personality and management style also are factors.A chairman's greatest chanllenge is to anticipate and react to surprise.
time7 7:33 .Most people concern about Yellen on her views about controlling inflation and unemployment.Her another job is re-regulation of the banking system and Wall Street.
Then the article gave a great deal of Yellen's political views and actions.
How she will act in the future is still in doubt.

云游

Obstacle: 6'00''
The nominated  Chairman of Federal reserve, Janet Yellen is taking office to mandate American's economy, focused on three major aspects: employment rate, inflation, and Wall Street.

Rena张

没有首页了！！！今天的speaker打不开……
obstacle:10mins
hellen holds different views against obama, she insists that job has the priority when it comes to the development of the economy. then examples of what she had said and done were demostrated.