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

30 mins ago in Entertainment, Sports

Kobe Bryant’s ‘Dear Basketball’ to get Disney treatment

Fresh
KOBE472419167185

Kobe Bryant's farewell poem to basketball is going to be turned into a short film.

1 hour ago in Entertainment, Weird

Fanciful ‘Boaty McBoatface’ passed over for vessel name

Fresh
19-overlay-1

Don't expect to see Boaty McBoatface on the high seas.

1 hour ago in Music

‘Hey Jude’ makes history in China

Fresh
paulmccartney324810027294

The Paul McCartney/John Lennon song will feature in "Yesterday Once More," a new movie from director Yao Tingting

2 hours ago in Music

Axl Rose jumped at the chance to replace Brian Johnson in AC/DC

Fresh
axlrose

The Guns N' Roses star will make his debut as the Australian rock act's new singer on Saturday.

2 hours ago in Entertainment

Alden Ehrenreich cast as Han Solo in ‘Star Wars’ spinoff

Fresh
ehrenreich260221408342

He will take on the role of Solo, previously made famous by Harrison Ford, in Disney's standalone movie about the life of the hero before he first made his appearance in 1977's "Star Wars: Episode IV - A New Hope."