to be sworn in next week as first woman Fed chair
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[January 31, 2014]
WASHINGTON (Reuters) — Janet Yellen,
the first woman to chair the Federal Reserve in its 100-year history,
will take over the reins of the U.S. central bank on Saturday and
formally be sworn in next week, the Fed said on Thursday.
Yellen, 67, who begins her post as the Fed unwinds its
unprecedented efforts to boost the U.S. economy, will be sworn in at
9 a.m. EST (1400 GMT) on February 3. She will have full authority as
the top central banker from Saturday until the swearing-in ceremony,
according to the Fed.
She succeeds Chairman Ben Bernanke, whose second four-year term
expires on Friday. Yellen will be sworn in by Fed Governor Daniel
Tarullo, a Fed official said on condition of anonymity.
Yellen will be one of a handful of women heading central banks
globally. Her main task will be to navigate the U.S. central bank's
way out of its extraordinary stimulus, beginning with a further
dialing down of its massive bond-buying program, and deciding when
to raise rates.
The Fed has already announced a $20 billion reduction in its monthly
asset purchases and is expected to completely shut down the program
Yellen will remain in her current role as Fed vice chair over the
weekend but will have authority to exercise all duties of the chair,
the Fed said.
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President Barack Obama has nominated Stanley Fischer, former head of
the Bank of Israel, to succeed Yellen in the number two position.
The Senate must still confirm Fischer for the job, so it will be
(Reporting by Margaret Chadbourn; editing by Paul Simao)
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