Yellen resigns as chairman of US Fed
Janet Yellen has resigned from the board of the Federal Reserve following President Donald Trump’s decision to nominate Jerome Powell as the chairman of the Fed. Yellen said she would leave the office as and when her successor is sworn in. She wrote to the president stating she would do her utmost to ensure a smooth transition. Yellen would be the first chairman of the Fed not to get a second term in office. Yellen’s exit will ensure that 5 positions on the Fed board would be Trump’s nominees now, except for Lael Brainard. Powell, at one time was the only Republican on the Fed board since 2012. Yellen’s four-year term as chair ends on 3 February. In fact, her term as member of the board continues till January 2024, but she has chosen to leave.