House Financial Services Chairman Jeb Hensarling (R-Texas) saidhe hopes Janet Yellen implements a more transparent monetarypolicy at the Fed, if confirmed as chairman.

“I congratulate Dr. Yellen on her nomination. It is my hopethat, if confirmed, she will lead the Federal Reserve to adopt amore transparent and rules-based monetary policy that aims forprice stability and long-term growth,” Hensarling said in astatement about the current Fed vice chairman.

“Dr. Yellen has spoken favorably about such a rules-based policyin the past, saying it is what 'sensiblecentral banks do.' Our committee would look forward to workingwith her to develop new tools that help the Fed communicate thecourse of its monetary policy using clear rules and become asensible central bank,” he added.

Hensarling also said theFed's “unprecedented stimulus efforts” have “camouflaged thetrue cost of our deficit, encouraged more government spending, andendangered the central bank's independence and credibility.”

In addition, Hensarling warned that the Fed's actions haveincreased America's “risk of inflation in the future and in thepresent transferred wealth from middle income families who save andinvest conservatively to the wealthy who can afford to makeriskier, higher-yielding investments.”

“With our economy stuck in the slowest, weakest so-calledrecovery of modern times, my hope is Dr. Yellen and Fed governorswill realize that continuing the status quo brings Americans littleto no benefit but it presents outsized risks,” he said.

Ranking Member of the House Financial Services Committee Rep.Maxine Waters (D-Calif.) praised Yellen's nomination.

“Ms. Yellen has demonstrated a unique understanding of theimpact of the Federal Reserve's policies on the middle class,particularly the crucial balance between stable prices and lowunemployment,” she said in a statement on Wednesday.

“During the crisis, she advocated for the urgent need toimplement financial reform quickly in order to avoid anothermeltdown. As chair, I am hopeful that Ms. Yellen will continueto push for policies that address the still unacceptably high rateof unemployment,” Waters said.

She added that Yellen's judgment on the economy has beenvalidated time and again.

“When many economists were optimistic about unprecedented growthin the economy – she saw the bubble for what it was and predicteddisaster in the banking system,” said Waters.

Senate Banking Committee Chairman Tim Johnson (D-S.D.) pledgedto quickly move Yellen's nomination forward.

“I commend President Obama on his selection of Dr. Yellen to bethe first woman to serve as Federal Reserve Chairman. She has adepth of experience that is second to none, and I have no doubt shewill be an excellent Federal Reserve Chairman,” he said in astatement on Tuesday.

“In addition to having more than a decade's worth of experienceworking on monetary policy at the Federal Reserve, Dr. Yellen hasalso worked at the White House as Chairman of the Council ofEconomic Advisors and taught at some of world's most prestigiousuniversities. I will work with Ranking Member Crapo and therest of the members of the Banking Committee to move her nominationforward in a timely manner,” he added.

NAFCU President/CEO Dan Berger said he looks forward to workingwith Yellen on issues affecting credit unions.

“NAFCU congratulates Gov. Yellen on her nomination. Weappreciate Gov. Yellen's readiness to hear credit unions' concernsaffecting their members and communities,” Berger said in astatement Tuesday night. “Upon confirmation, we look forward toworking with her and the Federal Reserve Board.”

An NAFCU press release noted that Yellen met with NAFCU's boardlast December at Federal Reserve headquarters to discuss theassociation's 2012 Report on Credit Unions and related issues.

CUNA told Credit Union Times on Wednesday that it wouldnot be releasing a statement on Yellen's nomination.

Current Chair Ben Bernanke's term ends on Jan. 31.