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 are the implications of having multiple openings on the Federal Reserve board?

In what ways might Jay Powell's leadership be impacted by Janet Yellen's resignation?