Breaking News: Janet Yellen

Breaking News: Janet Yellen

Janet Yellen announced she will step down as a Member of the Board of Governors of the Federal Reserve System, effective upon the swearing in of her successor Jerome Powell.

Writing a resignation letter to President Donald Trump, Yellen said  she is “gratified” by the economy’s progress since the 2008 financial crisis. Yellen also promised a smooth transition to Powell, Trump’s nominee for Fed chair.

Powell, who was nominated for the position earlier this month, is scheduled a confirmation hearing before the Senate Banking Committee next week off November.

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