Published: Tue, November 21, 2017
Money | By Armando Alvarado

Fed chair Janet Yellen submits resignation letter

Fed chair Janet Yellen submits resignation letter

U.S. Federal Reserve Chair Janet Yellen will leave the central bank once her successor, Fed Governor Jerome Powell, is sworn in, the Fed said in a statement on November 20. While her term as Fed chair ends in February, Yellen could have stayed on the board until 2024, serving out her 14-year term as a Fed governor.

In a letter of resignation to Trump, Yellen said she is "gratified that the financial system is much stronger than a decade ago", and that the economy has improved substantially.

The Senate Banking Committee has scheduled its confirmation hearing for Powell's nomination for November 28. Powell, at one time the only Republican on the Fed board, is not expected to encounter major hurdles in winning confirmation to the chairman's job. "I am also gratified by the substantial improvement in the economy since the crisis".

"It has been my great privilege and honor to serve in the Federal Reserve System", Yellen, the first woman to lead the Fed, wrote to Trump. If he fills the remaining vacant positions, Trump will have appointed five of the seven members on the board of governors.

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Federal Reserve Chair Janet Yellen listens to introductions as she is awarded the Paul H. Douglas Award for Ethics in Government, on Capitol Hill in Washington.

Until Monday, Yellen had been mum on whether she might stay on the Fed board if she did not get another term as chair. That move bucked a long-standing tradition of presidents reappointing their predecessor's Fed pick. She took over as chairwoman in 2014 after being nominated by former President Barack Obama and continued to strongly advocate for the tougher financial regulations adopted after the crisis. Her term as chair expires on Feb, 3, 2018. Yellen was president of the Federal Reserve Bank of San Francisco from 2004 to 2010.

Dr. Yellen is Professor Emerita at the University of California at Berkeley, where she has been a member of the faculty since 1980.

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