Yellen won’t stay on at Fed after new chair is sworn in

by Ryan Smith21 Nov 2017
Fed Chair Janet Yellen announced Monday that she will resign from the central bank after her successor as chair is sworn in.

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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