Yellen re­signs as chair­man of US Fed

Banking Frontiers - - News Regulator -

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.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.