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 Trump to shape the US central bank's leadership for years to come.
Federal Reserve Chair Janet Yellen will leave the central bank entirely next year.
Writing in a resignation letter to President Donald Trump, Yellen said she is "gratified" by the economy's progress since the 2008 financial crisis.
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"The Federal Reserve has been and remains a strong institution, focused on carrying on its vital public mission with integrity, in a professional, non-partisan manner", said Fed Chair Janet Yellen. As a governor, she would have had a vote on monetary policy.
Yellen's four-year term as Fed chair ends on February 3. "I am also gratified by the substantial improvement in the economy since the crisis".
The Senate Banking Committee is scheduled to meet November 28 to consider Powell's nomination. Yellen's decision was expected and now will give Trump four seats to fill on the seven-member board. But she chose to follow her predecessor, Ben Bernanke, who left the central bank when Yellen replaced him in 2014. Trump vilified Yellen during the 2016 presidential campaign, alleging she kept rates low for political reasons to benefit former President Barack Obama. She's previously been the head of the San Francisco Fed and chair of Bill Clinton's Council of Economic Advisers, and she's a professor emerita a the University of California at Berkeley.