Published: Tue, November 21, 2017
Economy | By Shawn Conner

Yellen to step down from Federal Reserve board

While her term as Fed chair ends in February, Yellen could have stayed on the board until 2024, serving out her 14-year term as a Fed governor.

Federal Reserve Chair Janet Yellen submitted her resignation letter Monday, as Jerome Powell prepares to succeed her next year as the central bank's top official.

Federal Reserve Chair Janet Yellen listens to introductions as she is awarded the Paul H. Douglas Award for Ethics in Government, on Capitol Hill in Washington.

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The decision comes less than three weeks after President Donald Trump broke with tradition to replace Ms Yellen rather than name her for another four-year term. She served as president of the Fed's San Francisco regional bank, then Fed board vice chairman. If he fills the remaining vacant positions, Trump will have appointed five of the seven members on the board of governors.

In her resignation letter to Donald Trump, Ms Yellen said she was pleased by the U.S. economy's continuing recovery from the Great Recession of 2008-2009. Yellen served as a Fed vice chair before Democratic President Barack Obama nominated her as Fed chief in 2014. In 2014, Yellen succeeded Ben Bernanke to become the first woman to head the US central bank.

"I am gratified that the financial system is much stronger than a decade ago, better able to withstand future bouts of instability and continue supporting the economic aspirations of American families and businesses", she wrote. The White House said he considered re-nominating Yellen, the first woman to lead the central bank, for a second four-year term, but in the end, he opted for Powell, a Republican, over Yellen, a Democrat.

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In her letter to Trump, Yellen praised Bernanke for his leadership during the financial crisis. Also in the letter, she pointed out that 17 million jobs have been added since the financial crisis and that the Fed is close to achieving it goals of "maximum employment and price stability".

This story has been corrected to show the correct spelling of Mohamed El-Erian.

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