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Yellen to step down once successor swears in
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IANS | 21 Nov, 2017
US Federal Reserve chair Janet Yellen has said she would step down as Fed Governor once her successor swears in.
"Janet
L. Yellen submitted her resignation Monday as a Member of the Board of
Governors of the Federal Reserve System, effective upon the swearing in
of her successor as Chair," Xinhua news agency quoted the Fed as saying
in a statement on Monday.
Yellen was appointed by then President
Barack Obama in 2014 as the chair of the US central bank. The Fed Chair
also serves as the Governor of the Fed board.
Yellen's term as Fed chair expires in February, 2018, while her term as Fed Governor will end in January, 2024.
US President Donald Trump earlier this month appointed current Fed Governor Jerome Powell as the next Fed chair.
"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 families and business," said Yellen in her resignation letter
on Monday.
"I am confident that my successor as Chair, Jerome H.
Powell, is deeply committed to that mission and I will do my utmost to
ensure a smooth transition."
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 13 Aug, 2022 |
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| Daily Poll |
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