Yellen Leaving Fed in 2018 When Her Term as Chair Expires

Federal Reserve Chair Janet Yellen announced this week that she will be leaving the Federal Reserve Board entirely when her term as chair runs out in February 2018. She previously served as President of the San Francisco Fed before taking a vice-chair position in 2010 and ultimately the chairwoman role in 2014. Her term on the Board was not set to expire until 2024.

Yellen was part of the group interviewed to be her replacement as Fed Chair a few months ago, but the president eventually selected Jerome Powell to take her place next year. The Federal Reserve acts as the central bank for the United States, setting American monetary policy, promoting financially stable markets, supervising financial institutions, maintaining the safety and efficiency of American payment systems, and pursuing community advancement. The Federal Reserve is responsible for many provisions under the Dodd-Frank Act, including regular stress tests of banks.