Yellen to Step Down When Powell Is Sworn in

Janet Yellen has officially resigned from the Federal Reserve, effective upon the swearing-in of her successor, Jay Powell, who is expected to be confirmed. This transition is not anticipated to affect Fed policy significantly. However, it highlights the need for the administration to fill several vacancies on the Fed board, including a new vice chair for supervision. Yellen's departure leaves a gap in experience and intellectual heft at the Fed, putting pressure on the administration to appoint qualified individuals. Steve Mnuchin expects progress on these appointments by the end of the year.

What is the historical precedent mentioned for a Fed chair staying on as a governor after their term ends?

• Paul Volcker

• Alan Greenspan

• Marriner Eccles

• Ben Bernanke

When is Jay Powell expected to take over as the Fed chair?

• February 3rd

• January 1st

• April 10th

• March 15th

What is the expected impact of Janet Yellen's resignation on Fed policy for the next year?

• Significant changes in policy

• Decrease in interest rates

• No expected changes

• Increase in interest rates

How many vacancies are there on the Fed board that need to be filled?

• Four

• Three

• Two

• Five

What is one of the challenges mentioned for the new Fed chair, Jay Powell?

• Increasing GDP

• Reducing unemployment

• Filling board vacancies

• Managing inflation