Rubio to oppose Yellen as new Fed Reserve boss

Senator Marco Rubio to vote no on the confirmation of the new head of the Federal Reserve.
Senator Marco Rubio to vote no on the confirmation of the new head of the Federal Reserve.

According to POLITICO Florida Senator Marco Rubio has gone on the record saying he will not vote to confirm Janet Yellen’s nomination to be the next head of the Federal Reserve. According to Rubio her expansive views on monetary policy risk creating asset bubbles.

Rubio’s decision lines him up with potential tea party-influenced rivals for the 2016 presidential nomination, including Texas Sen. Ted Cruz and Kentucky Sen. Rand Paul.

The three Rubio, Cruz and Paul will be in the minority as  Ms, Yellen is expected to win bipartisan support and get the approval from the Senate Banking Committee as early as today. She is then expected to be confirmed, again in a bipartisan way by the full Senate  and to succeed  outgoing Fed Chairman Ben Bernanke.

Sen. Paul has threatened to hold up a final vote until the Senate considers his measure to “Audit the Fed,” although Democrats know they have the 60 votes to quickly get over that hurdle.

Yellen is an outspoken advocate of using all the policy tools at the Fed’s disposal to boost growth and reduce the jobless rate.

Some conservatives believe these policies, including $85 billion a month in asset purchases, risk inflation and create bubbles in assets such as stocks and real estate.

But there is no current risk of inflation — indeed most economists see deflation as a bigger threat — and Rubio’s move can be seen more as an effort to win back tea party favor after his unpopular support for sweeping immigration reform, which he had now largely abandoned.


Jim Williams is the Washington Bureau Chief, Digital Director as well as the Director of Special Projects for Genesis Communications. He is starting his third year as part of the team. This is Williams 40th year in the media business, and in that time he has served in a number of capacities. He is a seven time Emmy Award winning television producer, director, writer and executive. He has developed four regional sports networks, directed over 2,000 live sporting events including basketball, football, baseball hockey, soccer and even polo to name a few sports. Major events include three Olympic Games, two World Cups, two World Series, six NBA Playoffs, four Stanley Cup Playoffs, four NCAA Men’s National Basketball Championship Tournaments (March Madness), two Super Bowl and over a dozen college bowl games. On the entertainment side Williams was involved s and directed over 500 concerts for Showtime, Pay Per View and MTV Networks.