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

in National

General Mills recalls 1.8 million boxes of Cheerios


The company is recalling the original and honey nut flavored varieties.

in Sports

Eclectic mix of teams gear up for MLB postseason


From pitching powerhouses to aging warhorses, an eclectic cast of clubs are gearing up for MLB's playoff extravaganza.

in Entertainment, Sports

DraftKings, FanDuel defend integrity after insider bet


The two major U.S. sports fantasy companies are defending their businesses' integrity after an employee used insider information to place bets in the unregulated multi-billion-dollar industry.

in Sports

Controversial non-call denies Lions chance of first win


A controversial non-call may have cost the Detroit Lions their first win of the season following a wild finish to their 13-10 loss to the Seattle Seahawks on Monday.

in Sports

Rio Olympics cutting costs with Brazil deep in recession


Olympic organizers, faced with the reality of a country deep in recession, say they are trimming costs to keep their budget balanced.