{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Obama\u0026#39;s pick to be head of Federal Reserve says she stands by low interest rates' data-url='/boclips/videos/5c54ba84d8eafeecae11e143' data-video-url='/boclips/videos/5c54ba84d8eafeecae11e143' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nObama\u0026#39;s pick to be head of Federal Reserve says she stands by low interest rates\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eJanet Yellen said on Thursday that the US economy has regained ground lost to the Great Recession but still needs the Federal Reserve's support because unemployment remains too high at 7.3 percent.Yellen made her comments in testimony to...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eJanet Yellen said on Thursday that the US economy has regained ground lost to the Great Recession but still needs the Federal Reserve's support because unemployment remains too high at 7.3 percent.\u003cbr/\u003eYellen made her comments in testimony to the Senate Banking Committee, which is considering her nomination to be the next chairman of the Federal Reserve.\u003cbr/\u003eAt the hearing Yellen said the Federal Reserve's support of the recovery is the \"surest path to returning to a more normal approach to monetary policy,\" said Yellen. \u003cbr/\u003eYellen noted that the economy is still performing far below its potential and she pointed out that inflation is running below the Fed's (Federal Reserve) two percent target.\u003cbr/\u003eThe Fed's policies, which include three rounds of bond purchases, are credited with helping boost economic growth and lower unemployment. \u003cbr/\u003eBut they have also driven up stock prices and stoked worries about a greater risk of inflation and asset bubbles.\u003cbr/\u003eDespite tough questions from senators on the future of the Fed's stimulus programs, Yellen would not specify when the central bank might begin scaling back its 85 billion US dollars-per-month in bond purchases.\u003cbr/\u003eShe only said that Fed policymakers assess the risks and benefits of the bond purchase program each time they meet.\u003cbr/\u003e\"So, I would agree that this programme cannot continue forever, that are costs and risks associated with the programme, \" she said. \"We are monitoring those very carefully.\"\u003cbr/\u003eMany economists believe the Fed will keep the purchase level unchanged at its upcoming meeting in December and they say the Fed might hold off scaling back the programme until its March 2014 meeting. \u003cbr/\u003eEven with some Republican resistance, Yellen's backing by the committee and confirmation by the full Senate is viewed as all but assured. \u003cbr/\u003e1. Mid of Senate banking committee hearing\u003cbr/\u003e2. Various of Janet Yellen, Federal Reserve Chair nominee, swearing oath \u003cbr/\u003e3. Wide of hearing \u003cbr/\u003e4. SOUNDBITE (English) Janet Yellen, Federal Reserve Chair nominee: ++INCLUDES CUTAWAY OF HEARING CHAIRMAN SENATOR TIM JOHNSON++\u003cbr/\u003e\"We've made good progress, but we have further to go to regain the ground lost in the crisis and the recession.  Unemployment is down from a peak of ten percent, but at 7.3 percent in October, it is still too high, reflecting a labour market and economy performing far short of their potential. At the same time inflation is running below the Federal Reserve's goal of two percent and is expected to continue to do so for some time. For these reasons the Federal Reserve is using its monetary policy tools to promote a more robust recovery. A strong recovery will ultimately enable the Fed to reduce its monetary accommodation and its reliance on unconventional policy tools, such as asset purchases.\"\u003cbr/\u003e5. Cutaway of Senators listening\u003cbr/\u003e6. SOUNDBITE (English) Janet Yellen, Federal Reserve Chair nominee: ++INCLUDES CUTAWAYS++\u003cbr/\u003e\"I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy. Our country has come a long way since the dark days of the financial crisis, but we have farther to go. I believe the Federal Reserve has made significant progress towards its goals, but has more work to do.\"\u003cbr/\u003e7. SOUNDBITE: (English) Senator Tim Johnson, Chairman, Senate Banking Committee: ++BEGINS ON MID OF YELLEN AND INCLUDES OTHER CUTAWAY++\u003cbr/\u003e\"We need her expertise at the helm of the Fed (Federal Reserve) as the nation continues to recover from the Great Recession. I am excited to cast my vote to confirm her as the first woman to serve as Chair of the Federal Reserve.\" \u003cbr/\u003e8. Cutaway of Senators\u003cbr/\u003e9. SOUNDBITE (English) Janet Yellen, Federal Reserve Chair nominee:\u003cbr/\u003e\"The progress of this programme, it's not on a set course, it is data dependent, but we have seen improvement in the labour market.\"\u003cbr/\u003e10. SOUNDBITE: (English) Senator Mike Crapo, Ranking Republican, Senate Banking Committee:\u003cbr/\u003e\"But can it just continue indefinitely? I mean if the labour market doesn't improve to the point that you reach your target, how long can this continue? Do you agree that there has to be some point at which we return to normal monetary policy?\" \u003cbr/\u003e11. SOUNDBITE (English) Janet Yellen, Federal Reserve Board Chair nominee:\u003cbr/\u003e\"So, I would agree that this programme cannot continue forever, that there are costs and risks associated with the programme. We are monitoring those very carefully.\"\u003cbr/\u003e12. 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