Yellen’s resignation will go into effect upon the swearing in of a new chair of the Federal Reserve.
By JTAJanet Yellen(photo credit: REUTERS)
Janet Yellen submitted her resignation as a member of the Board of Governors of the Federal Reserve System.Yellen’s resignation will go into effect upon the swearing in of a new chair of the Federal Reserve.President Donald Trump has nominated current Federal Reserve Governor Jerome Powell to take over the position. With Yellen’s departure, Trump will have four open seats to fill on the board of governors. Past presidents have traditionally reappointed their predecessor’s choice to lead the Fed.Yellen’s term as chair of the Federal Reserve expires on Feb. 3, 2018; however, she could have chosen to remain a governor since she was appointed to the Board by President Barack Obama for an unexpired term ending in 2024. She served one term as chair of the Federal Reserve.Trump had an animus against Yellen during the 2016 presidential campaign, alleging she kept rates low for political reasons to benefit former President Barack Obama.She and two other Jews involved in finance — Lloyd Blankfein and George Soros — were featured as villains in a campaign ad broadcast on the eve of last year’s election, in which the photos of the three Jewish financial leaders flashed by as then-candidate Trump talks about “global special interests” and the “global power structure.”In her resignation letter, Yellen, 71, promised to assist in Powell’s transition and expressed confidence that he is “deeply committed” to the Fed’s mission.“As I prepare to leave the Board, I am gratified that the financial system is much stronger than a decade ago, better able to withstand future bouts of instability and continue supporting the economic aspirations of American families and businesses,” Yellen also wrote.
