Published: Tue, November 21, 2017
Markets | By Noel Gibbs

Fed chair Janet Yellen submits resignation letter

Fed chair Janet Yellen submits resignation letter

Federal Reserve Chair Janet Yellen said on Monday she will resign her seat on the Fed's Board of Governors once Jerome Powell is confirmed and sworn in to replace her as head of the United States central bank.

Ms Yellen's term as chair expires in February but her position on the Board of Governors runs until 2024. The Senate Banking Committee is set to hold a hearing on Powell's nomination next week, but a vote has not been scheduled. Instead she'll follow the practice of previous Fed leaders and leave the board once Powell becomes chairman.

Ms Yellen said she was confident Mr Powell would carry on the Fed's mission. 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.

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Should he choose to do so, Trump will be able to appoint five of the board's seven potential members, filling four open seats alongside his sole board appointment to date of Randal Quarles as vice chair for supervision. She also served a separate term as a Fed governor earlier in the 1990s.

Because of that, it was initially unclear if Yellen would leave or stay on to complete her term on the board.

Yellen is credited with helping move the USA economy to a firmer footing after the turbulence following the financial crisis. She served as president of the Fed's San Francisco regional bank, then Fed board vice chairman. "I am also gratified by the substantial improvements in the economy since the crisis".

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Rep. Carolyn Maloney, D-New York, praised Yellen for successfully navigating "one of the most challenging economic periods we have seen in generations". The White House said he considered re-nominating Yellen, the first woman to lead the central bank, for a second four-year term, but in the end, he opted for Powell, a Republican, over Yellen, a Democrat.

Powell, a lawyer by training, will be the first official without an advanced degree in economics to head up the central bank in four decades. It is not Mohammad El-Erian.

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