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Janet Yellen to resign from Federal Reserve board

Current chairman to leave central bank when Trump pick Jerome Powell takes over

Image Credit: AFP
Federal Reserve Chair Janet Yellen.

Washington: Janet Yellen is submitting her resignation from the Federal Reserve board to President Donald Trump, announcing that 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 by Trump on November 2 to become the next Fed leader after the president decided not to offer Yellen a second term.

Powell’s Senate confirmation hearing is scheduled for next week.

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. Her term as a board member would not have ended until January 2024.