By Peter Schroeder - 11/20/13 10:57 AM EST
Janet Yellen’s bid to become the first female head of the Federal Reserve got a big boost Wednesday as Sen. Bob CorkerBob CorkerTrump starts considering Cabinet Trump's secret weapon is Ivanka Senate Dems introduce Iran sanctions extension MORE (R-Tenn.) announced he would back her nomination.
It's a noted turnaround from the Senate Banking Committee member, who strongly suggested a little over a month ago that he would oppose her. Corker’s support also strongly indicates that Yellen would be confirmed, as several other Republicans have indicated a willingness to vote for her.
In a statement released Wednesday, Corker said that he would have preferred a nominee with a “more modest view” on the limits of monetary policy but appreciated Yellen’s commitment to Fed transparency and her acknowledgment that the bank’s current monetary policy is unsustainable. He also said she was qualified to handle the job.
In a statement then, Corker noted that he opposed Yellen in 2010 when she was nominated to serve as the Fed’s vice chair, citing her “dovish views” on monetary policy. He strongly suggested he would oppose the pick again.
“We will closely examine her record since that time, but I am not aware of anything that demonstrates her views have changed,” he said.
Several Republicans have been skeptical of Yellen, given her role in supporting the Fed’s extremely accommodative policy. The Fed is currently buying $85 billion of bonds a month in an effort to stimulate the economy, even as conservatives fret the central bank's strategy is distorting markets and exposing the U.S. to dangerous inflation.
At her confirmation hearing, Yellen did not shy away from backing that policy, saying it was needed to get the economy back to normal. But Corker said that his private conversations with Yellen revealed that she understands that policy is unsustainable and should end as soon as it is appropriate.
“She understands that monetary policy is a blunt object, that distortions are occurring, and that the affluent disproportionately benefit from easy money policies,” he said. “During our discussions, she made a commitment to moderate purchases as soon as she believes the data supports that action and shows that the current status cannot continue.”
The Senate Banking Committee is set to vote Thursday on Yellen’s nomination. She will not garner universal support — Sen. David VitterDavid VitterTim Kaine backs call to boost funding for Israeli missile defense David Duke will bank on racial tensions in Louisiana Senate bid Former KKK leader David Duke running for Senate MORE (R-La.) has already said he would oppose her, and questions from Sen. Mike CrapoMike CrapoGOP warming up to Cuba travel Ann Coulter: VP pick is Trump's first mistake Overnight Finance: Freedom Caucus moves to impeach IRS chief | Calls for US-UK trade talks | Clinton ally offers trade for Trump tax returns MORE (R-Idaho), the ranking member of the panel, indicated he would oppose the pick as well.
However, several Senate Republicans, including Sens. Susan CollinsSusan CollinsTim Kaine backs call to boost funding for Israeli missile defense The Trail 2016: Words matter Lobbyists bolting Trump convention early MORE (R-Maine), Mike JohannsMike JohannsTo buy a Swiss company, ChemChina must pass through Washington Republican senator vows to block nominees over ObamaCare co-ops Revisiting insurance regulatory reform in a post-crisis world MORE (R-Neb.) and Lindsey GrahamLindsey GrahamTrump: 'I hope' Russia is able to get Clinton's emails Syria activists cheer Kaine pick Vulnerable GOP senators praise Kaine MORE (R-S.C.), have indicated they are likely to back Yellen. Corker’s support suggests that several Republicans, including those less conservative than him, could provide the votes to get Yellen confirmed.