Filed Under:Your Practice, Regulatory

Yellen to serve as FOMC chair Feb. 1

Janet Yellen (AP photo/J. Scott Applewhite)
Janet Yellen (AP photo/J. Scott Applewhite)
(Bloomberg) -- Janet Yellen will serve as chair of the Federal Open Market Committee beginning Feb. 1, succeeding Ben S. Bernanke, whose eight-year tenure ends today, the Federal Reserve said in a statement.

Yellen, a main architect of the Fed’s unprecedented accommodation and vice chair since 2010, will be sworn in as chair of the Board of Governors on Feb. 3, the central bank said today.

The policy-setting FOMC at its annual organizational meeting this week unanimously selected Yellen to serve as chair, the central bank said.

“She will remain as Board vice chair over the weekend, with the authority to exercise all the duties of the chair,” the Fed said in the statement. The chair of the Fed Board traditionally also serves as chair of the FOMC.

President Barack Obama in October nominated Yellen to be Fed chair. The Senate confirmed Yellen Jan. 6 in a 56-26 vote, making her the first woman to lead the central bank in its 100-year history.

See also:

Copyright 2015 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Featured Video

Most Recent Videos

Behind the scenes with Vicki Gunvalson [VIDEO]

Provided by LIFEHEALTHPRO

In this exclusive interview, Vicki Gunvalson shares how she built a $15 million a year annuity business by planning for...

Regulator: Market may need to reinvent LTCI

Provided by LIFEHEALTHPRO

Cioppa says Maine's governor wants to spur the creation of better products.

Dementia: It's more than Alzheimer's

Provided by LIFEHEALTHPRO

An association calls for policymakers to remember lesser-known neurodegenerative conditions.

Protesters Disrupt WellPoint Annual Meeting

Provided by LIFEHEALTHPRO

Hecklers call for more disclosures of information about political contributions.

Related resources

More Resources

Comments

Power your business with up-to-the-minute insurance news, analysis, and best practices from LifeHealthPro Daily eNewsletter – FREE.

Power your business with LifeHealthPro Daily eNewsletter – FREE.

Enter a valid email address.
Close
Nichole Morford

Nichole Morford
Managing Editor

Thank you for subscribing to LifeHealthPro Daily!

Check Out More eNewsletters Now! Close

Advertisement. Closing in 15 seconds.