Yellen to Step Down From Fed Once Successor Is Sworn In

By David Harrison and Harriet Torry Features Dow Jones Newswires

Federal Reserve Chairwoman Janet Yellen said Monday she would resign as a member of the Fed's board of governors once her successor as chairman has been sworn in.

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Although Ms. Yellen's four-year term as chairwoman ends in February 2018, her term on the Fed board doesn't expire until 2024. In the past, it has been customary for Fed chairmen to step down from the board once their term as Fed chief is up.

President Donald Trump has nominated Jerome Powell to succeed Ms. Yellen. Mr. Powell currently serves as a member of the Fed's board of governors.

Ms. Yellen previously served as Fed vice chairwoman and as president of the San Francisco Fed.

Write to David Harrison at david.harrison@wsj.com and Harriet Torry at harriet.torry@wsj.com

Federal Reserve Chairwoman Janet Yellen said Monday she would resign as a member of the Fed's board of governors once her successor as chairman has been sworn in.

Continue Reading Below

Although Ms. Yellen's four-year term as chairwoman ends in February 2018, her term on the Fed board doesn't expire until 2024. In the past, it has been customary for Fed chairmen to step down from the board once their term as Fed chief is up.

President Donald Trump has nominated Jerome Powell to succeed Ms. Yellen. Mr. Powell currently serves as a member of the Fed's board of governors.

Ms. Yellen previously served as Fed vice chairwoman and as president of the San Francisco Fed.

Write to David Harrison at david.harrison@wsj.com and Harriet Torry at harriet.torry@wsj.com

(END) Dow Jones Newswires

November 20, 2017 14:15 ET (19:15 GMT)