From the Federal Reserve: Janet L. Yellen will step down as a Member of the Board of Governors of the Federal Reserve System, effective upon the swearing in of her successor as Chair
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.
A copy of her resignation letter is attached.
Tuesday:
• At 8:30 AM ET, Chicago Fed National Activity Index for October. This is a composite index of other data.
• At 10:00 AM, Existing Home Sales for October from the National Association of Realtors (NAR). The consensus is for 5.40 million SAAR, up from 5.39 million in August. Housing economist Tom Lawler expects the NAR to report sales of 5.60 million SAAR for October. Take the Over.
• At 6:00 PM, Panel Discussion with Fed Chair Janet Yellen, Moderated discussion with Mervyn King, At the New York University Stern School of Business, New York, New York