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 Local Sports

UCLA grinds out victory over Washington State

Fresh
UCLA coach Steve Alford gestures during the second half of his team's NCAA college basketball game against Oregon State, Sunday, March 2, 2014, in Los Angeles. UCLA won 74-69.

UCLA grinded out a 72-67 victory over Washington State on Sunday night that gave the Bruins possession of fourth place in the Pac-12.

in Local Sports

Lillard, Aldridge leads Blazers past Kings

Fresh
Portland Trail Blazers guard Damian Lillard

The Portland Trail Blazers beat the Sacramento Kings 110-99 on Sunday for their third straight victory.

in Local Sports

2015 GNAC Basketball Championship field announced

western washington logo generic copy/wwu

The 2015 Great Northwest Athletic Conference Basketball Championship bracket was announced Sunday. Both the WWU men and women qualified for the tournament.

in Local Sports

Former UW star Christian Welp passes away

huskies university of washington uw pac 12 college logo

Former Washington Husky and National Basketball player Chris Welp passed away Sunday at age 51.

in Local Sports

Marshawn Lynch: “I would be lying if I didn’t expect the ball”

Seattle Seahawks' Marshawn Lynch stands on the field at an NFL football minicamp practice Wednesday, June 18, 2014, in Renton, Wash.

In an interview on a Turkey television sports network, Seattle Seahawks running back Marshawn Lynch revealed that he was suprised he didn't receive the ball on the goal line in Super Bowl 49.