Yellen disappointed not to get a second term as Fed chair

Yellen disappointed not to get a second term as Fed chair

Yellen disappointed not to get a second term as Fed chair

Jerome Powell has now taken over the role of Chairman of the Federal Reserve with Janet Yellen stepping down after almost a decade in charge.

Yellen, like Bernanke before her, came to the job as both top-flight macroeconomic scholar and experienced central banker. "But I do want to say high", Yellen said on CBS's Sunday Morning in an interview recorded on Friday as she prepared to leave the central bank.

"The enforcement action we are taking today will ensure that Wells Fargo will not expand until it is able to do so safely and with the protections needed to manage all of its risks and protect its customers", she said in what was perhaps her last official act as Fed chair.

Ms. Yellen will be remembered, too, for her achievements in deftly guiding the Fed's role in the USA economy's slow recovery from a crushing financial crisis and recession.

But no one knows yet what the future ramifications will be of the extreme measures the Fed took under her watch and that of her immediate predecessor, .

It had been the tradition over the past four decades for the president to renominate the Fed leader for a second term. She cited changes put in place since that time; Trump has been critical of that effort. She is joining the Brookings Institution think tank.

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She and her colleagues enacted programs and policies that have brought the economy and financial system back from the brink.

Trump was highly critical of Yellen during the 2016 campaign, but took to praising her after becoming president.

Jerome Powell, a multi-millionaire, was backed in a 84-13 vote as chair of the Federal Reserve with support from Republicans and many Democrats. "I look forward to continuing to study the economy, especially issues related to the labor market, and contributing to public policy debates on a range of economic issues", Yellen said in a release from Brookings.

The bank has also said it would make $80 million in refunds to more than 570,000 of its auto loan customers who were charged for insurance without their knowledge.

Yellen was asked whether she believed the economy was under threat because stocks had risen too high, creating an asset bubble that could burst, with disastrous results. "So I would say I was disappointed not to be re-appointed".

"I've been in high-level positions in the Federal Reserve for many years", she said.

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