Yellen will resign from Fed upon Powell swearing in

Register now

Federal Reserve Board Chair Janet Yellen will resign as a member of the Fed’s Board of Governors when Jerome Powell is sworn in as chair, the Fed announced Monday.

Yellen’s departure means there will be four openings on the Fed’s seven-member Board.

Yellen said in her resignation letter it was “a great privilege and honor” to serve in the Fed system for three decades and expressed faith in Jerome Powell’s commitment to the Fed’s mission.

For reprint and licensing requests for this article, click here.
Monetary policy Janet Yellen Federal Reserve FOMC