Friday, September 19th25.0°C
19716
22768

Yellen sworn in as Fed chair becoming first woman to lead central bank in its 100-year history

WASHINGTON - Janet Yellen was sworn in Monday to succeed Ben Bernanke, becoming the first woman to lead the Federal Reserve in its 100-year history.

Yellen, who was confirmed by the Senate last month, was sworn in by Fed Governor Daniel Tarullo, the senior member of the Fed's seven-member board.

She took the oath in a brief ceremony in front of a fireplace in the Fed's massive board room. Her husband, Nobel-winning economist George Akerloff, was present as were other Fed board members and Fed staff.

Yellen, 67, made no remarks at her swearing in but did smile to acknowledge the applause of the assembled group.

Nominated by President Barack Obama on Oct. 9, her four-year term as chairman will end on Feb. 3, 2018.

Meanwhile, the Brookings Institution, announced Monday that Bernanke was joining the Washington think-tank as a distinguished fellow in residence.

Bernanke stepped down on Friday after eight years as Fed chairman. He had said he planned to stay in Washington and was looking forward to writing and giving speeches on economic policy.

Yellen, who served as Fed vice chair since 2010, has been a close Bernanke ally. She is expected to continue the Fed's policy of maintaining low interest rates while scaling back on the Fed's bond buying program. The Fed announced a second $10 billion reduction in the bond buying at last week's meeting, Bernanke's last as chairman.

Yellen will get to explain her views in more detail next week when she delivers the Fed's twice-a-year policy report to Congress. She will testify before the House Financial Services Committee on Feb. 11.

The Canadian Press


Read more Business News

23021


Recent Trending




Today's Market
S&P TSX15265.35-200.19
S&P CDNX955.06-10.73
DJIA17279.7413.75
Nasdaq4579.789-13.637
S&P 5002010.40-0.96
CDN Dollar0.9121-0.0022
Gold1216.90-10.00
Oil92.45-0.62
Lumber329.00-0.90
Natural Gas3.908-0.067

 
Okanagan Companies
Pacific Safety0.16-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.37+0.05
Cantex0.05-0.01
Anavex Life Sciences0.223-0.0031
Metalex Ventures0.060.00
Russel Metals35.75-1.26
Copper Mountain Mining2.66-0.02
Colorado Resources0.165-0.01
ReliaBrand Inc0.0249+0.0009
Sunrise Resources Ltd0.02-0.005
Mission Ready Services0.29-0.01

 



22689

FEATURED Property
2045729#701 1075 Sunset Drive
2 bedrooms 2 baths
$459,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Disruptive innovation

Last night I was privileged to be able to speak at the Greater Westside Board of Trade business awards dinner. Photo: ContributedI talked about Innovation and Collaboration which are two very interes...


Executors and their duties

There will be a time when you will need to decide who you should appoint as executor of your Will. As well, there may be a time when you will be asked by someone to act as the executor of his or her W...


Power-save your way to a down payment

Part 1 of 2 Photo: Thinkstock.com1. Move in with your parents or in-laws Explain that you're thinking strategically in moving back home. The quickest way to get into the housing market is to ma...

_








Member of BC Press Council


22755