Speed Reads

Farewell

Janet Yellen to step down from Fed board after successor is appointed

Janet Yellen, the chairman of the Federal Reserve, will step down from the central bank's Board of Governors when her successor assumes the chairmanship in February. President Trump announced he would nominate Fed governor Jerome Powell to succeed Yellen as chair when her term comes to an end early next year.

Yellen's term as governor would run until 2024, but she announced Monday that she would step down from the board as well when Powell takes over. "As I prepare to leave the board, I am gratified that the financial system is much stronger than a decade ago," Yellen wrote in a letter informing Trump of her decision. "I am also gratified by the substantial improvement in the economy since the crisis."

Yellen's departure will leave Trump with four vacancies on the Fed's governing board. He has nominated just one replacement, Randal Quarles, who has been confirmed by the Senate. The remaining open governorships have yet to see any replacement nominees.