Yellen Resigns from Federal Reserve Board of Governors

Federal Reserve Chair Janet Yellen at the Federal Open Market Committee meeting in Washington on Sept. 20 2017

Federal Reserve Chair Janet Yellen said she will step down from its Board of Governors once her successor is sworn into the office, widening the scope for President Donald Trump to shape the US central bank's leadership for years to come.

Yellen's four-year term as Fed chair ends on February 3, but she could have chosen to remain on the seven-member Fed board.

In a letter of resignation to Trump, Yellen said she is "gratified that the financial system is much stronger than a decade ago", and that the economy has improved substantially.

The Senate Banking Committee is scheduled to meet November 28 to consider Powell's nomination.

Yellen, who is 71, was initially appointed to the Fed board by President Clinton in 1994 and served until 1997, when she became chair of the President's Council of Economic Advisers.

Until Monday, Yellen had been mum on whether she might stay on the Fed board if she did not get another term as chair. She also serves as head of the Federal Open Market Committee, the bank's interest-rate setting panel. She was appointed again to the board by President Obama for a term that was due to end in 2024.

President Trump settled on Powell after a selection process seen as the most public in the Fed's 104-year history.

The White House responded to Yellen's announcement by praising her tenure.

In her resignation letter, Yellen struck a gracious tone.

Yellen's decision gives Trump in his first year in office the chance to fill five positions on the Fed's seven-member board, in addition to picking Powell to be the next Fed chairman.

Yellen has presided over nearly four straight years of steady economic growth, sluggish inflation and a jobless rate that has fallen even as she directed the gradual exit from crisis-era policies.

"I am confident that my successor as chair, Jerome Powell, is deeply committed to that mission and I will do my utmost to ensure a smooth transition". As a governor, she would have had a vote on monetary policy.

Related news:

Hot News

isis-killer-beheading-video-story-top Packers: Running back Aaron Jones faces charges following October arrest
Nov 21, 2017 - 00:41
Pending the results of the legal process, Jones could be punished by the National Football League to start the 2018 season. It was not clear what effect the charges will have on Jones' availability for the remainder of the Packers' regular season.

isis-killer-beheading-video-story-top After crotch grab, Baker Mayfield won't start against West Virginia
Nov 21, 2017 - 00:38
Tempers were further flamed when a Jayhawks player delivered a late hit to Mayfield in the second quarter. Mayfield will play in the game and Riley didn't divulge how much time the Heisman candidate would miss.

isis-killer-beheading-video-story-top USA border agent dead and partner injured 'brutally beaten'
Nov 21, 2017 - 00:38
Mr Trump said the second officer injured on Sunday was "brutally beaten and badly, badly hurt", but "looks like he'll make it". Border Patrol agent was killed and his partner injured Sunday while on patrol in the state's Big Bend area, officials said.

isis-killer-beheading-video-story-top Donald Trump Rips Marshawn Lynch Suspend Him If He Kneels Again!
Nov 21, 2017 - 00:34
On Nov. 19, Trump also blasted National Basketball Association star LeVar Ball for not been sufficiently grateful. At the rally, the president said any "SOB" who kneels during the anthem deserves to be taken off the field.

isis-killer-beheading-video-story-top A Writer For Lena Dunham's Newsletter Just Quit In Spectacular Fashion
Nov 21, 2017 - 00:30
After Dunham's reaction to Perrineau's claims, Clemmons said she has had enough. Clemmons recounts her relationship with Dunham , which began in college.

isis-killer-beheading-video-story-top Justice League Suffers Smallest DC Box Office Opening Yet
Nov 21, 2017 - 00:29
However, one bright spot has been the overseas markets, where Justice League opened to $185.5 million from 65 markets. Justice League received a mediocre B+ CinemaScore , and is playing in 4,051 North American theaters.

isis-killer-beheading-video-story-top Woman threatened for 'f*ck Trump' sticker says f*ck the sheriff too
Nov 21, 2017 - 00:28
The indictment continues, charging that Fonseca did not have the consent of the victim to use her identifying documents. Attorney Brian Middleton says those stops would have alerted Nehls to Fonseca before the sheriff targeted her online.

isis-killer-beheading-video-story-top Coffee oil-based biofuel to run London's buses
Nov 21, 2017 - 00:26
Bio-bean collects waste grounds from high street chains and factories, which are dried and processed to extract coffee oil. However, this is thought to be the first time a coffee-derived biofuel has been added to London's public transport system.

isis-killer-beheading-video-story-top Harrison Ford helps woman after she crashes her auto off highway
Nov 21, 2017 - 00:25
The actor was in the area with a friend when they heard the vehicle crash and headed over to assist, Alonzo said. Ford was reportedly leaving a small airport near Santa Paula, which is often used by hobby pilots.

isis-killer-beheading-video-story-top Dolphins waive linebacker Rey Maualuga after arrest in Miami
Nov 20, 2017 - 06:38
With news of the arrest, the Dolphins elected to release Maualuga according to a report from Mike Florio of Pro Football Talk . Their city was impacted by Hurricane Irma, causing their scheduled Week 1 game against the Bucs to be moved to this Sunday.

isis-killer-beheading-video-story-top First Teaser For The Incredibles 2 Shows Off Jack-Jack's Powers
Nov 20, 2017 - 06:25
Nelson ) and mom Elastigirl ( Holly Hunter ) along with their kids: Violet ( Sarah Vowell ), Dash ( Huck Milner ) and Jack-Jack. In the first teaser trailer, Jack-Jack, Bob and Helen Parr's baby, tests his incredible powers.

isis-killer-beheading-video-story-top Driver in Japan dies in crash with truck driven by US Marine
Nov 20, 2017 - 06:22
Service members stationed in mainland Japan also have been prohibited from buying or consuming alcohol, either on or off base. Meanwhile, a breath test of James-McLean showed the level of alcohol about three times higher than the legal limit.

isis-killer-beheading-video-story-top "Cosby Show" actor Earle Hyman dies at 91
Nov 20, 2017 - 06:22
While most well known for his role as grandfather Huxtable on The Cosby Show , Hyman was also a prominent stage and film actor. One of his last roles in the entertainment industry was for one episode of the show, Twice In a Lifetime which aired in 2001.

isis-killer-beheading-video-story-top World's largest aircraft crashes in Bedfordshire, injuring member of staff
Nov 20, 2017 - 04:57
Hybrid Air Vehicles said no one was on board but two members of staff were slightly hurt after the craft broke free. An investigation will be carried out to determine just how the craft came free of its moorings in the first place.

isis-killer-beheading-video-story-top M7.0 quake strikes off New Caledonia, tsunamis observed
Nov 20, 2017 - 04:55
Officials at NOAA and the National Weather service say Vanuatu and New Caledonia could experience potential tsunami impacts. The Pacific Tsunami Warning Centre said hazardous tsunami waves were possible within 300 kms of the epicenter.