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."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
What will Trump do on day 1?Today's Big Question Presidents often promise immediate action, but rarely deliver
-
'In every country, the national folklore is partly fakelore'Instant Opinion Opinion, comment and editorials of the day
-
Today's political cartoons - November 27, 2024Cartoons Wednesday's cartoons - powers of persuasion, government efficiency, and more
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
