Yellen to be sworn in as first woman Fed chair next week
Jacquelyn Martin/APFederal Reserve Chair Janet Yellen
WASHINGTON -- 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 Saturday and formally be sworn in next week, the Fed said 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. Eastern time Monday. 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.


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ollydud

Now's the time to rid oneself of all of the childish Chair Yellen one liners like: I can't hear ya cause you're Yellen, who's doing all that Yellen? Yellen won't help, Are you done Yellen? Why is she Yellen? Don't be Yellen at me! You're just like my mom, always Yellen, You'll never get ahead with all that Yellen, Yellen can change the interest rate, Yellen can't change the unemplyment rate, you could have been the Chair sooner if you weren't Yellen all the time, Yellen can change the value of your dollar, Can you get more by Yellen? ad nauseum...

February 04 2014 at 6:35 AM Report abuse rate up rate down Reply
Robert & Lisa

We have the lowest employment rate since Jimmy Carter, the second worst President ever.

February 01 2014 at 5:48 AM Report abuse -1 rate up rate down Reply
Robert & Lisa

This is the worst administration ever. We are already in the clutches of modern slavery, otherwise known as Socialism. The few ultra rich control everything and the middle class is destroyed and join the poor. Freedom will soon be a memory of the past.

February 01 2014 at 5:46 AM Report abuse rate up rate down Reply
Iselin007

Is she collecting SSI ? Will she have to pay back more in income tax if she earns ex amount of dollars?

January 31 2014 at 1:10 PM Report abuse rate up rate down Reply
David

Another token picked by Obama. Wait till she has to answer questions before the press. She will fail like all of the other picks by Obama.

January 31 2014 at 10:15 AM Report abuse +3 rate up rate down Reply
1 reply to David's comment
mickylitz2

David..
Those liberal buffoons will never see the light ...

January 31 2014 at 10:27 AM Report abuse +1 rate up rate down Reply
alfredschrader

Simply buying or not buying bonds or adjusting interest rates is not a \"fix\" for our economy.
Jobs and prosperity are created when factories are built, people are hired, and quality products are produced. To achieve this we need to create a new bureau, a bureau of the economy tasked with planning and given the power to foster a long term strategy so we don\'t pass a similar mess, as we just went through over the last 5 years, onto those that follow us.

January 31 2014 at 9:23 AM Report abuse +1 rate up rate down Reply
mickylitz2

Open your wallets people, another democrat put in place to fleece the public..

January 31 2014 at 8:23 AM Report abuse +1 rate up rate down Reply