feds

During her confirmation hearing Thursday, Janet Yellen, President Obama’s nominee to become chairman of the Federal Reserve, said she will pursue policies that hurt people who try to build up wealth, claiming that impoverishing savers serves the collective good of society.

“I understand that savers are hurt by this policy,” Yellen said under questioning from Republican Nebraska Sen. Mike Johanns about low interest rates.

Johanns told Yellen that her policies “are very, very hard on certain segments of our society.”