Yellen announces she'll leave Fed after Powell is sworn in as chair

[DonViejo]

Source: The Hill




BY SYLVAN LANE - 11/20/17 02:21 PM EST

Federal Reserve Board Chair Janet Yellen announced Monday she will step down from the central bank's board after Jerome Powell is sworn in as her replacement.

Yellen told President Trump in a Monday letter that she would leave the central bank after Powell, a Fed governor, is sworn in as the new chair of the Fed.

Yellen has served as chairman of the Fed since 2014, and joined the Fed board as vice chairman in 2010. She was previously the president of the San Francisco Fed.

Yellen wrote that she was "enormously proud" to have worked with many "dedicated and highly able" men and women, singling out her predecessor Ben Bernanke. She also praised the Fed's role in helping dig out the United States economy from the 2008 recession and implementing stricter financial rules prompted by the crisis.

Read more: http://thehill.com/policy/finance/361236-yellen-announces-shell-leave-fed-after-powell-is-sworn-in-as-chair

[lagomorph777]

1. Is that common, or is she upset?

[BumRushDaShow]

7. We have been under the rare occurence

of having the previous 3 chairs in the role for multiple terms (Volcker, Greenspan, Bernake), so the position didn't really have a turnover like this.

[sandensea]

8. It's customary in the sense that retiring Fed chairpersons normally do leave the Fed board as well.

Her 3-year tenure, however, will go down as one of the shortest in Fed history. It will have been the shortest since big banks forced Carter to remove Bill Miller (an inflation dove, replaced by the very hawkish Paul Volcker) in 1979, after just two years.

[sandensea]

2. Powell strikes me as an unusually sensible choice coming from Cheeto - perhaps his ONLY sensible one

Big banks must privately fear - and accurately so - that left to his own devices, Cheeto would have named some Ayn Rand-style psychopath, and that a major financial collapse would have surely followed.

[unblock]

3. yeah i think he had enough billionaires tell him that's one institution he'd better not mess with.

like "all of them".

[sandensea]

4. Here's to enlightened self-interest.

Sometimes, it's the only thing saving us from catastrophe.

[unblock]

5. on the rare occassion when even he is in the same boat as the rest of us

though he would kick us peons out if he could....

[sandensea]

6. We're just lucky Elysium seems to be out of the question.

Though I'm sure no one in the Trump regime would be invited. They'd be nothing but trouble.