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Yellen to leave Federal Reserve once new chair takes over

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

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

Read her letter to the president.