Federal Reserve Chair Janet Yellen is resigning, announcing today she will leave the board when her successor Jerome Powell is sworn is as Fed chairman.
Yellen says that she will “do my utmost” to make sure that there is a smooth transition to Powell, who was tapped on Nov. 2 to become the next Fed leader after President Donald Trump decided not to offer Yellen a second term.
Powell’s Senate confirmation hearing is scheduled for next week.
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Yellen’s four-year term as Fed chair ends on Wednesday, Feb. 3. But she could have chosen to remain on the seven-member Fed board. Her term as a board member would not have ended until January 2024.
