HomeNewsWorldJanet Yellen takes over Fed as Bernanke departs

Janet Yellen takes over Fed as Bernanke departs

Yellen inherits the mantle of the world's most powerful central banker from Ben Bernanke, who guided the US and the global financial system through its deepest crisis since the 1930s during his eight years in the job.

February 04, 2014 / 11:59 IST

Respected economist Janet Yellen was sworn in today as the first woman chair of the Federal Reserve, taking on the burden of winding down the Fed's stimulus without spurring more turmoil.Yellen inherits the mantle of the world's most powerful central banker from Ben Bernanke, who guided the US and the global financial system through its deepest crisis since the 1930s during his eight years in the job.Nominated to the job last October by President Barack Obama, she will serve a four-year term concurrent to her ongoing 14 year term on the Fed's board of governors. The respected economist has worked closely with Bernanke during her three-plus years as Fed vice-chair, and is not expected to depart from his policies aimed at helping lower still-high unemployment levels as long as inflation remains tamed.Yellen, 67, has served in a number of positions in the Fed, including head of its San Francisco branch, and also has held academic positions at Harvard University and University of California at Berkeley. She is married to economics Nobel prize winner George Akerlof.Bernanke will return to academia, meanwhile, including joining the washington-based think tank the Brookings Institution as a resident fellow. "He will be a major contributor to the task of understanding the momentous events of the past eight years and crafting imaginative, pragmatic strategies to ensure the stability of the national and global economy," said Brookings president Strobe Talbott.

first published: Feb 3, 2014 09:43 pm

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Subscribe to Tech Newsletters

  • On Saturdays

    Find the best of Al News in one place, specially curated for you every weekend.

  • Daily-Weekdays

    Stay on top of the latest tech trends and biggest startup news.

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347