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The Federal Reserve announced Monday that Janet Yellen will leave after her successor, Trump-nominated Jerome Powell, takes over. Her four-year term as chairwoman comes to an end on February 3, 2018, but she could have remained on the board until 2024.

Why it matters: Trump will now get to fill four seats on the seven-member Federal Reserve Board of Governors

Yellen to leave Federal Reserve once new chair takes over

Her four-year term comes to an end on February 3, 2018.

Federal Reserve Chair Janet Yellen during an awards ceremony earlier this month. Photo: Jacquelyn Martin / AP

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Federal Reserve

The Federal Reserve <a class="gtmContentClick" data-vars-link-text="announced Monday" data-vars-click-url="https://www.federalreserve.gov/newsevents/pressreleases/other20171120a.htm" data-vars-content-id="91d5b1a5-cde3-493f-8af1-91fcb412d708" data-vars-headline="Yellen to leave Federal Reserve once new chair takes over" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.federalreserve.gov/newsevents/pressreleases/other20171120a.htm" target="_blank">announced Monday</a> that Janet Yellen will leave after her successor, Trump-nominated Jerome Powell, takes over. Her four-year term as chairwoman comes to an end on February 3, 2018, but she could have remained on the board until 2024.Why it matters: Trump will now get to fill four seats on the seven-member Federal Reserve Board of Governors<a class="gtmContentClick" data-vars-link-text="Read her letter to the president." data-vars-click-url="https://www.federalreserve.gov/newsevents/pressreleases/files/other20171120a1.pdf" data-vars-content-id="91d5b1a5-cde3-493f-8af1-91fcb412d708" data-vars-headline="Yellen to leave Federal Reserve once new chair takes over" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.federalreserve.gov/newsevents/pressreleases/files/other20171120a1.pdf" target="_blank">Read her letter to the president.</a>

President Biden has made the COVID-19 crisis and a post-Trump return to national unity and traditional democratic ideals his top priorities. From vaccinations to stimulus to schools, Biden is seeking bipartisan compromise while showing a willingness to use executive authority and bare Democratic majorities in the U.S. House and Senate to implement his policies. Republican leaders are navigating deep party divisions over if and how to move beyond former President Trump.

Yellen to leave Federal Reserve once new chair takes over

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