Janet Yellen submitted her resignation as a member of the Federal Reserve’s Board of Governors, effective upon the swearing in of Jerome Powell as her successor as chairman of the central bank.
Yellen’s term expires on Feb. 3. She also serves as chairwoman of the Federal Open Market Committee, the principal monetary policymaking body for the Fed.
"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 family and businesses," she said in a letter to Trump. "I am also gratified by the substantial improvement in the economy since the crisis."
Yellen’s single term at the Fed’s helm is the briefest since G. William Miller, who served from 1978-79.