Federal Reserve Chair Janet Yellen submitted her resignation letter Monday, as Jerome Powell prepares to succeed her next year as the central bank’s top official.
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In addition to stepping down as chair, Yellen will relinquish her seat on the Fed’s Board of Governors following the swearing-in of her successor. Yellen would have been eligible to remain a Fed governor until 2024, even after her term as chair expires in February.
Writing in a resignation letter to President Donald Trump, Yellen said she is “gratified” by the economy’s progress since the 2008 financial crisis. Yellen also promised a smooth transition to Powell, Trump’s nominee for Fed chair.
Powell, who was nominated to the position earlier this month, is scheduled to have a confirmation hearing before the Senate Banking Committee next week.