Janet Yellen resigns from Federal Reserve board

Janet Yellen Resigns From Federal Reserve Board Of Governors

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.

Federal Reserve Chairman Janet Yellen speaks during a news conference after a two-day Federal Open Markets Committee (FOMC) policy meeting, in Washington, U.S., September 20, 2017. Her board member term ends in 2024.

Yellen's departure means there will be four openings on the Fed's seven-member Board. Powell must be confirmed by the U.S. Senate before he can take office, but analysts say his approach to managing interest rates is similar to Yellen's. Yellen served one term as Fed chair.

The president announcing his decision said he holds Ms. Yellen in high regard but he would want to make his own mark on central bank by selecting someone else for the post.

'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 her resignation letter to president Donald Trump. She also touted the economy's gains over the last eight years, noting that 17 million jobs have been created.

Yellen has served as vice chair of the Fed, president of the Federal Reserve Bank of San Francisco, and head of President Bill Clinton's Council of Economic Advisers.

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