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Jon Hilsenrath: Yellen Would Bring Tougher Tone to Fed: Noted

Jon Hilsenrath: Yellen Would Bring Tougher Tone to Fed:

Dick Anderson, who served a brief stint as the chief operating officer of the Fed's Washington board, ending in December 2012, said, "Yellen's abrasive, intimidating style is probably more suited for a 'Mad Men' era as opposed to a modern office environment." Mr. Anderson and Ms. Yellen clashed over a plan he proposed to cut spending by regional Fed banks, which she thought reached beyond his job description and resisted, according to people familiar with the matter. Her style, Mr. Anderson said, sharply contrasted with Mr. Bernanke's style and wouldn't serve the Fed well….

Ms. Yellen has had tense relations at times with Fed Governor Daniel Tarullo, the Fed's point person on bank regulatory issues, according to people who know them. But Ms. Yellen seemed to signal they were on common ground in a speech in San Diego earlier this year when she endorsed his views on regulation….

Ms. Yellen has been a polarizing figure among some Fed staff members in Washington, according to several current and former staff members. An armada of more than 300 Fed staff economists plays a central role in examining the banking system, analyzing the economy and formulating policies. Ms. Yellen led reviews of the Fed's research divisions after becoming vice chairwoman. In the process, several people said, Ms. Yellen ruffled feathers in the Fed's important monetary-affairs group, which was exhausted and depleted by the financial crisis. This group does most of the ground work formulating the Fed's interest-rate decisions.

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