President Donald Trump has nominated Fed Governor Jerome Powell to succeed Yellen when her term ends in February. Yellen has the option to stay on as a governor after her terms as chair ends; her term as governor doesn’t expire until 2024. Her departure will leave a fourth open seat on the board of governors for Trump to fill.
“As I prepare to leave the Board, I am gratified that the financial system is much stronger than a decade ago, better able to withstand future bouts of instability and continue supporting the economic aspirations of American family and businesses,” Yellen wrote in a letter to Trump.
As Fed chair, Yellen oversaw the first interest-rate hikes in seven years as the central bank attempted to return to normalcy after the accommodative policies enacted in reaction to the 2008 financial meltdown, according to a CNBC report. Trump made scathing remarks about Yellen during the 2016 presidential campaign, but after assuming the presidency, he praised her – and even considered nominating her for a second term as chair.
With just one term in office, Yellen will be one of the briefest-serving Fed chairs. No one has served a shorter time in the position since G. William Miller, who served as chair from 1978-1979, according to CNBC.
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Fed Chair Janet Yellen announced Monday that she will resign from the central bank after her successor as chair is sworn in.