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.

Federal Reserve Chair Janet Yellen
Federal Reserve Chair Janet Yellen Bloomberg News

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