Fed Chair Janet Yellen announced Monday that she will leave the Federal Reserve after her successor is sworn in.
Yellen’s four-term term as head of the central bank comes to an end in February, and she has the option of staying on as governor. President Donald Trump has nominated current Fed Governor Jerome Powell to take over the position.
Yellen’s term as governor doesn’t expire until Jan. 31, 2024.
“As I prepare to leave the Board, I am gratified that the financial system is much stronger than a decade ago, better able to withstand future bouts of instability and continue supporting the economic aspirations of American family and businesses,” she said in a letter to Trump. “I am also gratified by the substantial improvement in the economy since the crisis.”
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