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

in Local

St. John’s Children’s Hospital Director Arrested, Charged

Fresh
jail

The head of St. John's Hospital's Women's and Children's center has been arrested, accused of stealing more than $500,000.

in Local

Last Railroad Tracks Between Chicago & St. Louis Replaced

Fresh
railroad

The train tracks on the Amtrak route between St. Louis and Chicago now have all been replaced.

in Local

Experts Predict Vibrant Fall Colors in Illinois

fallcolors

Fall tree colors are expected to be vibrant in Illinois this year due to spring and summer weather.

in Local

Pedestrian Hit, Killed on South 6th Street

medical

A man is dead following an accident on south 6th street near Stevenson Drive early Tuesday morning.

in Election 2014, Local

Rauner: I’m Better Than Quinn for Black Business

Bruce Rauner (R), Pat Quinn

Says he hired many African-Americans when he ran GTCR