Janet Yellen Resigning From Federal Reserve Board

WASHINGTON, DC — Janet Yellen is resigning from the seven-member Federal Reserve board even though she could have stayed on until January 2024. Yellen will leave the board when her successor, Jerome Powell, is sworn in as Fed chairman.

Yellen said she'll "do my utmost" to make sure that there is a smooth transition to Powell, who was tapped by President Donald Trump on Nov. 2 to become the next Fed leader after the president decided not to offer Yellen a second term.

Powell's Senate confirmation hearing is scheduled for next week.

Yellen's four-year term as Fed chair ends on Feb. 3. But she could have chosen to remain on the seven-member Fed board. Her term as a board member would not have ended until January 2024.

By MARTIN CRUTSINGER, AP Economics Writer

Photo credit: Michael Probst/Associated Press