Bob Corker said he'll support the president's nomination for Fed chair.
U.S. Senator Bob Corker, R-Tenn., a member of the Senate Banking, Housing and Urban Affairs Committee, today announced he will support Dr. Janet Yellen’s nomination to chair the Federal Reserve.
In announcing his support, Corker said the following:
“I would prefer to see someone who held a more modest view regarding the limits of monetary policy on our economy, and I have been clear about that. After she was nominated, I met with Janet Yellen on the topic of monetary policy, listened intently to her responses during the hearing, and met with her again this week to discuss financial regulation.
“As a result of these conversations, I do believe she will bring a more transparent approach to Fed decisions and guidance. She will approach decisions with a more rules-based methodology. She understands that monetary policy is a blunt object, that distortions are occurring, and that the affluent disproportionately benefit from easy money policies. During our discussions, she made a commitment to moderate purchases as soon as she believes the data supports that action and shows that the current status cannot continue. She believes, to a certain extent, that the Fed may have become a prisoner of its own policies, although as a mitigating factor to this dynamic, we both seem to agree that the increase in interest rates beginning this past summer has helped to remove some risk from the financial system.
“I am concerned that she lacks experience in systemic financial regulation, and I hope she will work hard to overcome this deficit and not just rely on others on the Fed board for this expertise. In a similar vein, as an academic, she is isolated from market dynamics, so I hope she will develop a cadre of practitioners who have the savvy that she lacks in order to help advise her in the event of another crisis.
“In the end, I do believe she has the qualifications necessary to be the Fed chairman and plan to support her nomination.”
The council advanced the stadium legislation on first reading, but not without a little verbal squabble:
Maynard: "I consider [Tygard] a friend, him and I talk offline. But I gotta tell you, I'm troubled because, as Council lady Gilmore said, this is the first time we've had major economic investment in North Nashville. And to pull this one, when we haven't pulled anything else, after all these years...
Tygard: Point of order?
Maynard: I just think that we need to move forward on this...
Councilman Tony Tenpenny: Oh, come on.
Maynard [turns around to face Tenpenny]: You come on.
Tenpenny: No, you come on! Where do you get off saying something like that!
Maynard: I have the microphone, I can say whatever I want to and if you got a problem with it, then push the button.
Tenpenny: I got it pushed!
Maynard: We have waited, those of us who've been community activists have been told time and time again how we have not had public investment in certain areas of town. And we have had to come before the council, work with the mayor, in the past and presently, in order to get this kind of economic development that we can have. And we have not had this type of major economic development in years in North Nashville. So that's why I'm asking that we continue to keep this moving forward, in order to help create jobs, for economic development. Now if somebody has a problem with what I said, that's fine. They can pick up their mic, they can make their point. Thank you, Mr. Pro Tem.
Individual health insurance providers will have the final say, says the Department of Commerce and Insurance. From the inbox:
After gathering input and information from stakeholders across the state and working to analyze the impact of granting one-year extensions, TDCI Commissioner Julie Mix McPeak recommended allowing the policy extensions to mitigate any gaps in coverage that may have occurred as a result of the Affordable Care Act (ACA).
“We are allowing one-year extensions, however, it is at the discretion of Tennessee insurance providers to determine whether it is feasible to offer those previously cancelled policies,” McPeak said. “It is important that we have a diverse insurance market and that we’re providing Tennesseans with plans that are the best fit in terms of benefits offered and cost.”
From the inbox:
Mayor Karl Dean today announced that he has appointed Shannon Hall to serve as Metropolitan Clerk. Hall, a Nashville resident, has worked 10 years at Metro Human Resources and currently oversees the Metro Benefit Board and other HR divisions
“Shannon has effectively managed many integral parts of our Human Resources Department,” Mayor Dean said. “Keeping the city’s records is vitally important, and I am confident that Metro will be well served by Shannon.”
Mayor Dean today submitted Hall’s nomination, which will be subject to the confirmation of the Metro Council on Dec. 3. Vice Mayor Diane Neighbors joined Mayor Dean in interviewing finalists for the position.
“I am truly excited and honored to be appointed as Metro Clerk, and I want to extend my thanks to Mayor Dean and Vice Mayor Neighbors for giving me this opportunity to carry on my service with the Metropolitan Government,” Hall said. “I look forward to continuing the preservation of Nashville’s rich history.”
Hall is a graduate of Oglethorpe University in Atlanta and received a bachelor’s degree in business administration and behavioral science. She previously worked on the 2002 Salt Lake City Olympic Games as a human resources project manager responsible for planning, recruiting and executing the development and maintenance of the NBC ground transportation staff.
“I am very excited about Shannon's appointment as the new Metro Clerk,” Vice Mayor Neighbors said. “Her passion for our city and her respect for its history are evident. I believe the skills she developed while working with the NBC Olympic division and her extensive record-keeping experience with Metro Human Resources, will enable her to thrive in this position.”
Hall takes over the Metro Clerk position from Ana Escobar, who left the position this month to take the position of deputy director of the Tennessee Administrative Office of the Courts.
That’s 7,000 more than the state figured would sign up as a result of the Affordable Care Act, according to TennCare Director Darin Gordon, who says about 1,000 have been able to so far.
All together, organic increases in TennCare’s budget are expected to total $180 million out of $300 million new dollars the state expects to have to play with next year. Officials expect another $57 million in built-in education formula increases to also eat a chunk of available revenues next year.
“Will there be some cuts we’ll have to make in TennCare, you bet,” Gov. Bill Haslam said after yesterday's TennCare budget hearing.
The state also expects it will have to close out the 16,000-member CoverTN limited benefit health insurance program come the first of the year, said Gordon, although he said he thinks there's support in his agency to use reserve funds to keep the AccessTN program open for another year.