Yellen to leave Fed board once Powell sworn in as central bank chief

U.S. Federal Reserve Chair Janet Yellen will leave her seat on the central bank`s Board of Governors once Jerome Powell is confirmed and sworn in to replace her as head of the Fed, the central bank and Yellen announced on Monday.

Yellen`s term as Fed chief ends in February, but she technically could continue serving out a separate appointment as a Fed governor until 2024.

Keeping with past practice, Yellen in a letter to President Donald Trump said she would resign when Powell is sworn in, and in the meantime "will do my utmost to ensure a smooth transition."

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