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 Entertainment, Weird

‘Frozen’ wedding gown for brides who can’t ‘Let it Go’

frozen

Brides everywhere can soon get married in true Disney fairytale style.

in Entertainment

Taylor Swift leads ‘best dressed’ list

taylorswift

The annual list of celebrity style icons includes Oscar-winner Lupita Nyong'o, Rihanna, and Blake Shelton.

in Entertainment, Sports

‘NBA 2K15′ adds 3D face mapping for latest game

nba

"NBA 2K15" is angling for a slam dunk with an innovative new feature that allows players to put their game faces on.

in Music

Bobby Womack left behind big debt

In this June 22, 2012 photo, musician Bobby Womack poses for a portrait in Los Angeles. With health and drug problems behind him, Womack makes his return with a new album, "The Bravest Man in the Universe."

The "If You Think You're Lonely Now" hitmaker left behind debts of more than $500,000.

in Music

Toni Braxton wins date on TV game show

braxton

WATCH: The R&B singer plays "The Dating Game" with a little help from her friend Queen Latifah.