Federal Reserve Board Chair Janet L. Yellen submitted her resignation as a Member of the Board of Governors of the Federal Reserve System ("FRB"). Dr. Yellen's resignation will become effective on February 3, 2018.
Prior to being appointed as FRB Chair by President Obama, Dr. Yellen served as Vice Chair from 2010 to 2014, President of the Federal Reserve Bank of San Francisco from 2004 to 2010, and Chair of President Clinton's Council of Economic Advisers from 1997 to 1999. Dr. Yellen also served an earlier term on the FRB from 1994 to 1997. She is Professor Emerita at the University of California at Berkeley.
In her resignation letter, Dr. Yellen said it was a "great privilege and honor" to serve in the Federal Reserve System, and expressed confidence in her successor, Jerome Powell.
President Donald J. Trump nominated Mr. Powell to be the next Chair of the Federal Reserve System on November 2, 2017.
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