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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.

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