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)

News

4 hours ago in Music

Janet Jackson is expecting

janetjackson

The "Rhythm Nation" hitmaker is reportedly pregnant with her first child, less than two weeks before she celebrates her 50th birthday.

6 hours ago in Entertainment

REVIEW: In-fighting is entertaining in ‘Captain America: Civil War’

13-overlay

"Civil War" stands out as certainly the biggest of the stand-alones, and among the best because of what it has in common with the better films in the Marvel universe: the conflict is deeply human, told humorously, and best enjoyed if you don't overthink it.

6 hours ago in Music

Prince was to meet with doctor for painkiller addiction

12-overlay-3

The body of music superstar Prince was found one day before a doctor was to meet him to help end an addiction to pain killers, according to news reports.

7 hours ago in Viral Videos

This ‘Game of Thrones’ inspired Mother’s Day gift is sure to be a hit

24-overlay-1

Still looking for a last minute gift for mom? Jimmy Kimmel has got you covered.