Yellen Confirms She Will Step Down When New Fed Chair Sworn In

Tyler Durden's picture

Federal Reserve Chair Janet Yellen says she will step down once her successor is sworn into the office, resolving a key question as to whether she would stay on in a diminished role.

Yellen could technically stay on as a governor even after stepping down as the institution’s leader, because her term as governor does not end until January 31, 2024.

Her decision to leave will give Trump an additional spot to fill on the Fed’s seven-person Board of Governors in Washington, which already has three openings.

Yellen resignation letter - notably proclaiming everything is awesome...

Economy “is close to achieving the Federal Reserve’s statutory objectives of maximum employment and price stability,” Yellen says in letter.


“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 business.”


Yellen confident Fed Chair nominee Jerome Powell is “deeply committed to that mission and I will do my utmost to ensure a smooth transition.”

Official Federal Reserve Statement:

Janet L. Yellen submitted her resignation Monday as a Member of the Board of Governors of the Federal Reserve System, effective upon the swearing in of her successor as Chair.

Dr. Yellen, 71, was appointed to the Board by President Obama for an unexpired term ending January 31, 2024. Her term as Chair expires on February 3, 2018. She also serves as Chair of the Federal Open Market Committee, the System's principal monetary policymaking body.

Prior to her appointment as Chair, Dr. Yellen served as Vice Chair of the Board of Governors, from October 2010 to February 2014, and as President of the Federal Reserve Bank of San Francisco, from June 2004 to October 2010. She was initially appointed to the Board by President Clinton in August 1994 and served until February 1997, when she resigned to serve as Chair of the President's Council of Economic Advisers, until August 1999.

Dr. Yellen is Professor Emerita at the University of California at Berkeley, where she has been a member of the faculty since 1980. She was born in Brooklyn, New York, in August 1946 and received her undergraduate degree in economics from Brown University in 1967 and her Ph.D. in economics from Yale University in 1971. Dr. Yellen is married and has an adult son.

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FreeShitter's picture

Bye-bye baby, bye-bye she said in the letter And that was all she wrote Guess this is good-bye, guess this is forever And that was all she wrote......

Juggernaut x2's picture

Now this jew cunt can hit the lecture circuit for $250K a pop as her payoff from the corporations for 8 years of ZIRP

IH8OBAMA's picture

And this is news?  What was she going to do, hang around in the mail room every day for the next 5 years?


Juggernaut x2's picture

I don't think it's news- everyone knows she is a jew cunt

bobcatz's picture

The Fed CHAIR is just a puppet of the non-government-approved Fed Board

MillionDollarButter's picture

Wow! Unlike all of her predecessors?

IH8OBAMA's picture

I wasn't directing my comment at you, Juggernaut.  Just my two cents on the story.  Thanks for agreeing, though.

But, when is ZH going to post the NEWS that Hillary speculated today on going to another planet to be President on Earth II?  Hillary is insane. LOL


Paul Kersey's picture

Chances are, that even after she steps down, she will not resume her modeling or pole dancing careers.

remain calm's picture

Step down? You were unceremoniously fired, bitch

auricle's picture

the unemployment calculation ignores 30% of the population deemed not in the labor force. 

Raffie's picture

She is fatter and uglier then ever. 


Banker Buster's picture

Whos turn is it to kickback money by way of "Job" to a fed member?  Perhaps Yellen can be head of printer paper management at Blackstone with a $1MM salary.  Similar to what Bernanke got.

Agent P's picture

Just as the dutch boy haircut was making a comeback... 

SloMoe's picture

Hey, I resemble that remark!

Ron_Mexico's picture

i bet u waited a long time for that one

SloMoe's picture

Was thinking she might pull a "Mugabe"

shizzledizzle's picture

She got the destroying a currency part taken care of. 

FreeNewEnergy's picture

Thank goodness.

So sick of looking at that troll.

Bye, bye, Mr. Janet.

Mr. Schmilkies's picture

na na na naaa, na na na naaa, hey hey hey, good-bye.


jamesmmu's picture
Jim Rickards on the end game for the global economy. Peter Schiff on gold’s coming “explosion.” David Stockman on why bad tax reform will tank the stock market.

Obsidian Samctum's picture

Does she even have a choice?

CheapBastard's picture

"We'll miss Janet."



vesna's picture

I pay 10k to the hero that fucks this "hot pussy"!!!

Rainman's picture

wishing she would step down into an open elevator shaft

PodestasStatue's picture

Just as Bernank was the chair satan. Yellen was the chair stain.


Hkan's picture

She just too aware and wants

Seasmoke's picture

Just another Tribe Rat getting out while she can.

lester1's picture

---- Gold buy back program ---

Offer $2000 per oz for gold at any Federal Reserve building.


Gold supply gets replenished, AND a massive stimulus!! 

ReturnOfDaMac's picture

I wouldn't part with a 1/4 oz Eagle for $2K.  After almost two decades of getting your ass handed to you by CB manipulation in the precious market?  No way, better be coming at me better than that if you want any precious here pal.

ReturnOfDaMac's picture

Be careful of what you wish for folks, you may just get it, he he he...

wmbz's picture

Old Jack sure is a fine looking old man and has done a wonderful job, as they all do for Banksters Inc.

Now get the hell out, and may the door knob hit you in the crack of your fat ass.

JoseyWalesTheOutlaw's picture

That's a man baby.........Austin Powers

ali-ali-al-qomfri's picture

she doesn't have far to step down, but by all means, can't wait for your book.

"It's all noise-For whom the deci-bell tolls"

-J. Yellen

shovelhead's picture

resolving a key question as to whether she would stay on in a diminished role

Sorcerers Apprentice?

Satanic Succubus?

Sanitation Engineer?

Ben A Drill's picture

It takes time to drain the swamp. Lawyers getting rich while joe six pack constantly struggles. I’m sick and tired of Russia did this and that. I’m tired of hearing that Israel controls everything.

They don’t and never will. Hopes and promises from the USA is all they had.

In the future, that free ride is history.

2018 is going to be a bumpy ride. Strap on your best dress girls. The guys are going to have a party. From “When we were soldiers”.

Manipuflation's picture

Just step down.  We don't need any more Fed chairs or the Fed at all.

chickadee's picture

The rat banksters are all abandoning the ship before the normalization of the balance sheet gets serious.

Davidduke2000's picture

does she have a choice? a replacement means she is kicked out.

Ron_Mexico's picture

I'm gonna miss that smokin' fox . . . .

mrtoad's picture

She should be thrown to the floor. 

JoseyWalesTheOutlaw's picture

Does she get to keep her Chair


Well, excuse me
But I think you have got my chair
No, that one is not taken
I do not mind
If you sit here, I will be glad to share

DrumpFired's picture

She will still be the fall guy. 


Oh see the markets today ?  Once again it is proven that the analysis at SHEPWAVE is the only one to listen to. 



MuffDiver69's picture

Her life and resume perfectly exemplify the destruction of our economy. What a disgusting Brooklyn slob..