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Janet Yellen, who will serve as the 15th chair of the Board of Governors of the Federal Reserve System after her likely confirmation in December 2013, faces some formidable challenges as the economy and financial system continue to recover from the long-lasting effects of the global financial crisis and the accompanying Great Recession. Stockton lists five key challenges: (1) exercise caution in further scaling back the Fed's third round of large-scale asset purchases, known as quantitative easing (QE3); (2) attend to the dual mandate of the Federal Reserve—the twin objectives of achieving maximum sustainable employment and stable prices; (3) improve integration of financial stability considerations into the monetary policy framework; (4) further improve the Fed's communications and transparency; and (5) effectively lead the regulatory mission of the Federal Reserve.