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From Banking and Finance Law Daily, November 20, 2017

Yellen to leave Fed when Powell is sworn in as Chair

By J. Preston Carter, J.D., LL.M.

Federal Reserve Board Chair Janet L. Yellen sent a letter to President Trump submitting her resignation as Member of the Board of Governors of the Federal Reserve System effective upon the swearing in of her successor as Chair. On November 2, Trump nominated Board Member Jerome H. Powell to become the next Chairman.

Yellen was appointed to the Board by President Obama for an unexpired term ending Jan.31, 2024. Her term as Chair expires on Feb. 3, 2018. Yellen’s press release notes that prior to her appointment as Chair, she served as Board Vice Chair, from October 2010 to February 2014, and as President of the Federal Reserve Bank of San Francisco, from June 2004 to October 2010.

Yellen’s letter expressed gratification "that the financial system is much stronger than a decade ago, better able to withstand future bouts of instability and continue supporting the economic aspirations of American families and businesses." Yellen also pointed out that the economy has produced a net of 17 million jobs over the past eight years and is close to achieving the Fed’s statutory objectives of maximum employment and price stability. She added that "sustaining this progress will require continued monitoring of, and decisive responses to, newly emerging threats to financial and economic stability." Yellen expressed confidence that Powell is deeply committed to the Fed’s mission, and she pledged to do her "utmost to ensure a smooth transition."

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