News

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

yesterday in Local

Confusion Over Farm Program Sign Up

money farm

The spring planting season is underway and local U-S-D-A Farm Service Agency (FSA) offices are getting calls from farmers, asking…

yesterday in Local

Bill Would Protect Whistleblowers

Iowa state capital

Key Democrats in the Iowa Senate are pressing forward with a bill that would forbid confidential settlements with laid off state workers.

yesterday in Local

Economist Questions Economic Report

Money Dollars

A recent report that shows the best and worst taxpayer return on investment places Nebraska at number two. Creighton University…

yesterday in Local

Executive Director Needed For LRC

employment

The Executive Board of the South Dakota Legislature meets again today in Pierre. They are in the process of looking…

yesterday in Local

Talks With Railroads Continue

john thune

The Surface Transportation Board held a hearing in Washington last week.