The life and qualifications of Federal President Janet Yellen.Jedidiah WilsonBroward CollegeImportance of the Federal ReserveThe Federal Reserve was created by President Woodrow Wilson in December 1913. President Woodrow created the Federal Reserve to to create a more stable economy and to help the American people have confidence in the economy after some minor depressions and the Panic of 1907. The Federal Reserve is responsible for four general areas. Conduct the nation's monetary policy by influencing monetary and credit conditions in the economy. of full employment and stable prices.• Supervise and regulate banks and other major financial institutions to ensure the safety and soundness of the national banking and financial system and protect the credit rights of consumers.• Maintain the stability of the financial system and contain the systemic crises risk that can arise in financial markets. • Provide certain financial services to the U.S. government, U.S. financial institutions, and foreign official institutions, and play an important role in managing and overseeing the nation's payment systems. (What is the Purpose of the Federal Reserve, 2014) This means that the Federal Reserve controls the majority of our nation's economy. This makes those who control the Federal Reserve some of the most important people in our nation. The Federal Open Market Committee (FOMC) is the part of the Federal Reserve that sets monetary policy. This means that the federal president has an important role in monetary policy, which puts him in a very powerful and important position in the US government. For the first time in history, a woman, Janet Yellen, is now federal president. Agreements......middle of paper......president. Yellen has extensive experience and knowledge of economics and is expected to do an excellent job as new federal presidents. The only thing that concerns me about Yellen is how she is willing to risk high inflation to help other sectors of the economy. In addition to risking high inflation, it appears that Yellen will do a great job managing monetary policy and that she can help the economy grow and expand with the knowledge and understanding she has of the economy. Yellen has to be one of the best, especially because she was one of the best economic advisors to President Bill Clinton, one of the best economic presidents of all time. Knowing her experience and success, I trust Janet Yellen to manage the economy and help it grow. I trust Yellen to manage the economy and help it grow by creating policies that continue to grow the economy.