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Yellen Says She’ll Leave Fed Once Powell Is Sworn In as Chairman

  • Yellen, 71, has served one term as leader of the central bank
  • Move resolves question about whether she’d stay as governor
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Fed Chair Janet Yellen says she will step down from the Board of Governors once her successor is sworn in.(Source: Bloomberg)
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Federal Reserve Chair Janet Yellen said she will step down from its Board of Governors once her successor is sworn into the office, widening the scope for President Donald Trump to shape the U.S. central bank’s leadership for years to come.

Trump has nominated Jerome Powell to replace Yellen, 71, when her term ends in February, though his chairmanship is still subject to Senate confirmation. That move bucked a long-standing tradition of presidents reappointing their predecessor’s Fed pick.