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January 07, 2014 AT 3:24 AM
President Obama is hailing the confirmation of Janet Yellen as the new Federal Reserve chair. "The American people will have a fierce champion who understands that the ultimate goal of economic and financial policy making is to improve the lives, jobs and standard of living of American workers and their families," Obama said in a statement. In his statement, Obama said: "As one of our nation's most respected economists and a leading voice at the Fed for more than a decade -- and Vice Chair for the past three years --Janet helped pull our economy out of recession and put us on the path of steady growth." But according to Professor Mark Thoma of the University of Oregon, the challenges for Yellen will be great.