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 Sports

Patriots owner Kraft takes stand in Aaron Hernandez trial

robertkraft

Patriots owner Robert Kraft took the stand in the murder trial of former star player Aaron Hernandez.

in Sports

MLB: Cubs demote Bryant, upsets union

krisbryant

Third baseman Kris Bryant was reassigned to thE minor league camp despite an outstanding spring training at the plate.

in Sports

NFL sanctions Browns, Falcons

nfl

Fake noise and illegal text messages have landed the two teams in hot water with the league.

in Sports

College hoops: AP All-America team, Wooden finalsts

kaminsky

Three players heading to the Final Four head up The Associated Press men's basketball All-America team.

in Sports

Tuesday’s Sports Minute

grizzlies

A look at some of the big sports stories making news today, Tuesday, March 31.