Yellen submits Fed resignation
3-decade veteran Federal Reserve Chair Janet Yellen set to exit the central bank entirely in 2018.
(FinancialPress) — President Trump was notified of the resignation in a letter submitted on Monday. Yellen said that she will be leaving the Fed‘s Board of Governors when her successor in the Fed chair is appointed. Trump‘s nomination for the coveted position is Jerome Powell
Organically, her term would have come to an end in 2024 via expiration. Governors have a vote on monetary policy. Rather than holding onto the position until said timeframe, she follows the footsteps of predecessor Ben Bernanke, who stepped off when Yellen was appointed as governor in 2014.
Yellen, the first female to helm the renowned financial institution, wrote in her letter to the President :”It has been my great privilege and honor to serve in the Federal Reserve System.“
The President opted for Powell, currently a Fed governor, as his candidate for Fed chair back in October, instead of putting Yellen up for a second period – even though he had said she was doing an “excellent“ job in the position.
Yellen‘s letter also praised Bernanke for his leadership amidst the financial crisis the U.S. went through. She also noted the 17 million jobs created over the past eight years, while praising the economic growth over that span of time.
Over 30 years, Yellen served in various positions for the Fed. Originally a governor, she was then moved to president of the Bank‘s San Francisco branch. Afterwards, she was penned as vice chair before ultimately reaching the chair.