News

Yellen to be sworn in as first woman Fed chair

Yellen to be sworn in as first woman Fed chair

MAKING HISTORY: Janet Yellen, 67, who begins her post as the Fed unwinds its unprecedented efforts to boost the U.S. economy, will be sworn in on Feb. 3. Photo: Associated Press

WASHINGTON (Reuters) – Janet Yellen, the first woman to chair the Federal Reserve in its 100-year history, will take over the reins of the U.S. central bank on Saturday and formally be sworn in next week, the Fed said on Thursday.

Yellen, 67, who begins her post as the Fed unwinds its unprecedented efforts to boost the U.S. economy, will be sworn in at 9 a.m. EST on Feb. 3. She will have full authority as the top central banker from Saturday until the swearing-in ceremony, according to the Fed.

She succeeds Chairman Ben Bernanke, whose second four-year term expires on Friday. Yellen will be sworn in by Fed Governor Daniel Tarullo, a Fed official said on condition of anonymity.

Yellen will be one of a handful of women heading central banks globally. Her main task will be to navigate the U.S. central bank’s way out of its extraordinary stimulus, beginning with a further dialing down of its massive bond-buying program, and deciding when to raise rates.

The Fed has already announced a $20 billion reduction in its monthly asset purchases and is expected to completely shut down the program by year-end.

Yellen will remain in her current role as Fed vice chair over the weekend but will have authority to exercise all duties of the chair, the Fed said.

President Barack Obama has nominated Stanley Fischer, former head of the Bank of Israel, to succeed Yellen in the number two position. The Senate must still confirm Fischer for the job, so it will be temporarily unfilled.

(Reporting by Margaret Chadbourn; Editing by Paul Simao)

Recent Headlines

in Viral Videos

Brad Pitt in ‘Furby’

Fresh
17-overlay1

What if the WWII tank movie was remade with the furry toys?

in Entertainment

Jimmy Fallon penning picture book

Fresh
jimmyfallon

Fallon's daughter Winnie Rose has inspired the picture book, which will hit store shelves this summer.

in Music

Is your favorite artist ‘smart’ or ‘stupid?’

Fresh
beethovenlilwayne

Can your listening habits actually boost your brain power?

in Entertainment

My Little Pony coming to the big screen

Fresh
mylittlepony

The tiny ponies are coming to big screen, and are set to make their movie debut in 2017.

in Music

Ariana Grande, Meghan Trainor to appear at CMAs

ariana

The singers are bringing a little pop to the 48th annual Country Music Awards, performing with Little Big Town and Miranda Lambert.