WASHINGTON–Federal Reserve Chairman Janet L. Yellen has submitted her resignation Monday as a member of the Board of Governors of the Federal Reserve System, effective upon the swearing in of her successor as chair.
President Trump has nominated Federal Reserve Governor Jerome Powell to lead the Federal Reserve. The nomination is currently before Congress.
Yellen, 71, was appointed to the board by President Obama for an unexpired term ending January 31, 2024. Her term as chair expires on February 3, 2018. She also serves as chair of the Federal Open Market Committee, the system's principal monetary policymaking body.
Prior to her appointment as chair, Yellen served as vice chair of the Board of Governors from October 2010 to February 2014, and as president of the Federal Reserve Bank of San Francisco, from June 2004 to October 2010. She was initially appointed to the Board by President Clinton in August 1994 and served until February 1997, when she resigned to serve as chair of the President's Council of Economic Advisers, until August 1999.
Yellen is Professor Emerita at the University of California at Berkeley, where she has been a member of the faculty since 1980. She was born in Brooklyn, N.Y., in August 1946 and received her undergraduate degree in economics from Brown University in 1967 and her Ph.D. in economics from Yale University in 1971.