Yellen to be Sworn in as First Woman Fed Chair Next Week
January 31, 2014 2:58 PM EST
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.
Janet Yellen edges closer to being nominated as head of the Federal Reserve as she garners support among some Republicans (Reuters)
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 (1400 GMT) on February 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.
Most Popular Slideshows
- NFL MNF: Pittsburgh Steelers 30, Houston Texans 23 [PHOTOS]
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
- NFL Thursday Recap - Denver Broncos 35, San Diego Chargers 21: Peyton Manning Has 3 TDs In Easy Win [PHOTOS]
Join the Conversation
- Ebola Virus Might Reach Australia in Months; Health Dept Says Australia Prepared For Outbreak
- Woman, 40, Charged after Six Baby Corpses Found in Canada U-Haul Locker
- ISIS Educates Young Children in 'School of Jihad,' Deploys Them in Active Combat After Graduation [VIDEO]
- Seven Weird Things Banned by Governments
- Six English Words Which Originated From Arabic
- Xiaomi Redmi 1S vs. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- ASUS Releases A Teaser Indicating The Arrival of New Zenfone and ZenWatch On October 28
- Boy Stoned To Death For Alleged Rape, Victim Receives Dowry From Militants
- Three Dual SIM Samsung Galaxy Note 4 Duos Variants Comes To China
- Russia is Creating Underwater Combat Robots to Protect its Arctic Territories
- ‘Lone Wolf’ Attack on Canada Parliament Hill Could be ISIS-Related
- Android Lollipop 5.0 Confirmed for Nov 3 Rollout as Nexus 6 Global Release Date is Delayed – Reports