By Peter Schroeder - 03/05/14 02:57 PM EST
Federal Reserve Chairwoman Janet Yellen vowed to do all she could to boost the economy when she was formally sworn in to the job Wednesday.
Yellen said the economy and financial system have come a long way over the last several years, but she plans to steer them to even greater heights in the future.
Yellen took control of the Fed at the end of January, when Bernanke stepped down, and has already testified before Congress as the leader of the central bank.
Yellen promised to build on Bernanke’s efforts to make the Fed’s work more transparent. Bernanke became the first leader of the central bank to hold press conferences after policy meetings, and Yellen said she planned to continue the practice and “build on his legacy.”
“Such communication is vital in a democracy and especially important for the Federal Reserve, which relies on the confidence of the public to be effective in carrying out its mission,” she said.
She also underlined the need to complete the work implementing the Dodd-Frank financial reform law, urging the Fed to complete it as quickly as possible.
She also promised to not forget the real world impact of the Fed’s policies.
“The tools we deploy, to guide the financial system and influence our vast economy, can seem far removed from the lives and concerns of average Americans. And yet the decisions we make affect the welfare and shape the future of every American,” she said. “I promise to never forget the individual lives, experiences and challenges that lie behind the statistics we use to gauge the health of the economy.”