Tuesday, December 5, 2017

Page 1

SINCE 1891

THE BROWN DAILY HERALD TUESDAY, DECEMBER 5, 2017

VOLUME CLII, ISSUE 117

WWW.BROWNDAILYHERALD.COM

Yellen ’67 to step down from Fed Fed chair lauded for tenure at helm of board, Trump picks Jerome Powell as replacement By CATE RYAN STAFF WRITER

Federal Reserve Chair Janet Yellen ’67 announced her decision to resign from the Federal Reserve’s Board of Governors Nov. 20 in a letter to President Trump, following his Nov. 2 decision to nominate Jerome Powell, a current governor on the board, for the position of chair rather than grant her another term. Yellen’s term as chair ends Feb. 3, but she will hold the position until Powell is confirmed, the New York Times reported. Had she not chosen to resign, she could have stayed on the board until her term as governor ends in 2024. Though many Democrats pushed for her to maintain her seat, her decision was neither unexpected nor unprecedented; the last time a Federal Reserve chair stayed on the board following their time as chair was in 1948. Yellen was the first female head of the Federal Reserve. Her career with the Fed spanned “three eventful

decades,” as she wrote in her letter to Trump. Prior to holding the positions of vice chair and chair of the Federal Reserve, she was president of the Federal Reserve Bank of San Francisco from 2004 to 2010. Yellen completed her undergraduate degree at Pembroke College, before the campus merged with Brown’s in 1971. Assistant Professor of Economics Neil Mehrotra called Yellen’s position at the Fed “a great distinction for the University,” adding that she was “path-breaking in many ways.” “She has seen her role as trying to normalize monetary policy after a period in which (it) tried to be very active in fighting the after effects … of the financial crisis,” Mehrotra said. Yellen has worked to “keep monetary policy expansionary” and “avoid the perception that excessively low interest rates might lead to other imbalances in the financial system,” he added. In her resignation letter, Yellen wrote that the economy has “produced 17 million jobs, on net, over the past eight years and, by most metrics, is close to achieving the Federal Reserve’s statutory objectives of maximum employment and price stability.” The New York Times reported that October’s 4.1 percent unemployment rate meant the Fed was closer than ever to reaching its

goal of maximizing employment while maintaining a stable rate of inflation. According to Business Insider, the announcement of Yellen’s departure from the Fed was met with disappointment, specifically from lower, working class individuals whom she had defended via her discussions of topics like economic inequality. “Typically you wouldn’t think, … given her track record, that Janet Yellen would be replaced,” Mehrotra said. “But that’s what has been decided.” Former President Jimmy Carter’s decision to replace Federal Reserve Chair George William Miller in 1979 marks the last time a chair was not given a second term, Bloomberg reported. Yellen wrote that she is “confident,” that Powell is “deeply committed” to the mission of the Fed and that she would do her “utmost to ensure a smooth transition.” Powell lacks an academic background in economics, Mehrotra said, and, as a result, “he is less steeped in some of the academic debates,” so it is “harder to know what he would do if things go south or if something unexpected happens.” However, if existing conditions continue, Powell is “unlikely to rock the boat,” given that he tends to share Yellen’s perspectives on monetary policy, he added.

COURTESY OF WIKIMEDIA COMMONS

Federal Reserve Chair Janet Yellen ’67 has served as the chair for three years. The first female chair, Yellen will be replaced by Jerome Powell.

Providence photographer captures community Midyear Completion Photojournalist produces Ceremony celebrates ’17.5ers life-size city installations, spotlights community voices in art, education

Ninety-two students mark completion of degree, will officially graduate May 2018

By CONNOR SULLIVAN SENIOR STAFF WRITER

Photojournalist and educator Mary Beth Meehan has made a life out of telling other peoples’ narratives. Enticed early-on by photography, Meehan has worked to use the medium to bind communities together and to empower marginalized voices. “I fell in love with photographs way before I ever realized I could become a speaker of them,” Meehan said. “As a kid, I always loved my family photos and would just spend forever gazing at their still-images.” But it was only after a summer college internship in journalism that Meehan began conceiving of photography as a way of making a living. “I worked for a small, low-budget paper one summer during college, and that experience really

By ALLIE REED CONTRIBUTING WRITER

ARTS & CULTURE

INSIDE

MARIANNA MCMURDOCK / HERALD

Mary Beth Meehan sheds light on the multifaceted nature of the Providence community’s identity through her work as a photojournalist. cemented my affinity for photography,” she said. “While my bosses liked the stories I was writing, what really stuck with them were the photos I took to accompany the articles.” This epiphany blossomed into a

full-blown career pivot to photojournalism. “Before that, I didn’t realize you pull off photography as a career. I realized that being a photojournalist meant doing photography in a way that was » See MEEHAN, page 3

Ninety-two students marked the completion of their studies in this year’s Midyear Completion Ceremony Saturday in the Salomon Center. These students have had the opportunity to participate in multiple celebrations, as many of the students who participated also walked in the May 2017 Commencement. Additionally, they can walk again in the May 2018 Commencement if they choose, said Shannon O’Neill, assistant dean for junior and senior class and chemical dependency. At the May 2018 Commencement, these students will officially graduate and receive their diplomas. Dean of the College Maud Mandel hosted the event and spoke with students about the milestone they had

reached in their personal journeys. “Salomon was filled with parents, siblings, extended families, friends, faculty, deans and others who joined to wish the .5ers well,” Mandel wrote in an email to The Herald. “For most .5ers, the decision to complete their education in December was never the plan. … Some took a leave to pursue an opportunity, some hit a challenge that required time away from campus to overcome … and some had transferred to Brown from another school or after other careers or life experiences.” Julianna Bradley ’17.5, who walked in the May 2017 Commencement and attended the Midyear Completion Ceremony, said that she preferred the recent ceremony “because it was short and simple.” The event was just one hour, meaning that Bradley could appreciate each of the students who walked and did not feel guilty about inviting friends, family and employers to come for her moment to shine. She described the May Commencement as a more formal event “with the cap and » See MIDYEAR, page 2

WEATHER

TUESDAY, DECEMBER 5, 2017

NEWS Poler Bears’ ‘Nightmare Before Christmas’ draws crowds to The Dark Lady nightclub

ARTS & CULTURE RISD exhibition features 12 students’ final projects with dynamic range of media, themes

COMMENTARY Liang ’19: Hollywood needs to hire more Asian actors, feature in more visible roles

COMMENTARY Fernádez ’21: Americans need to pay more attention to affect of U.S. interventions in Latin America

PAGE 3

PAGE 4

PAGE 7

PAGE 7

TODAY

TOMORROW

56 / 36

57 / 35


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.