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)

What's On 'KLH?

Milwaukee… Live It, Love It!

Milwaukee_LiveItLoveIt_int_wp

Milwaukee truly is a great place on a great lake – with great people living it, and loving it! Listen to a few reasons why…

Vote for BEER in ’16!

hometownbrew_int_wp2REV

Pick up a 6-pack of our limited edition WKLH / Sprecher Hometown Brew 30th Anniversary Lager at these fine locations…

Hire Me MKE

HireMeMKE_620x400

Looking for a job around the Milwaukee area? Check out some opening…

Wanna Play DJ?

HEYMOM

You can host your own show Sunday night at 6 on ‘KLH!

Recent Headlines

1 min ago in Sports

Reigning NL batting champ banned 80 games for doping

Fresh
marlinsdeeREUTERS

Dee Gordon of the Miami Marlins was suspended 80 games without pay after testing positive for a performance-enhancing substance, Major League Baseball said.

1 hour ago in Entertainment

‘Angry Birds,’ apps to go hand-in-hand at the movies

Fresh
21-overlay-15

Creators of the upcoming "The Angry Birds Movie" movie will ask audiences to whip out their phones during the end credits and point them at the screen.

3 hours ago in Entertainment

‘Fast & Furious 8’ revs up for historic Cuba shoot

Updated
FastCuba575123770627

Director F. Gary Gray has turned the key on the "Fast 8" production in Havana, making movie history by becoming the first filmmaker to shoot a major Hollywood project in Cuba in over 50 years.