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Yellen Resigns From Fed Board After Being Passed Over To Keep Top Post
NPR: Federal Reserve Chair Janet Yellen today announced that she will resign from the Federal Reserve Board once her successor, Jerome Powell, is sworn in.
Yellen is the first woman to serve as Fed chair. While her term as Fed chair ends in February, Yellen could have stayed on the board until 2024, serving out her 14-year term as a Fed governor. Instead she'll follow the practice of previous Fed leaders and leave the board once Powell becomes chairman.
Powell's nomination by President Trump marked the first time in decades that a president hasn't reappointed a chief of the central bank for a second term. The Senate Banking Committee is set to hold a hearing on Powell's nomination next week, but a vote has not been scheduled.
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