Fed Chair Janet Yellen to Step Down - NBC10 Boston

Fed Chair Janet Yellen to Step Down

"I am gratified that the financial system is much stronger than a decade ago," wrote Yellen in her resignation letter to Trump

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    Fed Chair Janet Yellen to Step Down
    AP Photo/Jacquelyn Martin, File
    In this file photo, Federal Reserve Chair Janet Yellen listens to introductions as she is awarded the Paul H. Douglas Award for Ethics in Government, Tuesday, Nov. 7, 2017, on Capitol Hill in Washington. Yellen will step down when her term ends, on Feb. 3, 2018.

    Janet Yellen announced Monday that she will step down from the Federal Reserve board of governors once her successor is sworn in next year. Yellen's term as chairperson ends Feb. 3 — but she could have stayed on the board until 2024.

    The move leaves a total of four spots open on the seven-member board, paving the way for President Donald Trump to significantly reshape the nation's monetary policymaking, NBC News reported.

    Trump already tapped current Fed governor Jerome "Jay" Powell this month to serve as the next Fed chair, pending Senate confirmation, and appointed former Wall Streeter Randy Quarles to fill an open position as governor and vice chair for regulation.

    "I am gratified that the financial system is much stronger than a decade ago," wrote Yellen in her resignation letter to Trump. "I am also gratified by the substantial improvement in the economy since the crisis."

    Trump Escalates Criticism Against Sen. McCain, 7 Months After His Death

    [NATL] Trump Escalates Criticism Against Sen. McCain, 7 Months After His Death

    President Donald Trump again lashed out against the late Arizona senator saying, “’I was never a fan of John McCain and I never will be.” The comments came after he tweeted more scorn over the weekend. McCain’s daughter Meghan said that Trump had a “pathetic life” and “will never be a great man.”

    (Published Tuesday, March 19, 2019)