Powell Becomes Federal Reserve Chair on Feb. 5
February 02, 2018 / Source: NACHA
On Feb. 5, 2018, Jerome Powell becomes Chair of the Board of Governors of the Federal Reserve System, replacing Chair Janet Yellen. Yellen will step down from the Federal Reserve altogether once Powell is sworn in, which will leave the seven-member Board temporarily with only three Governors — an unprecedented occurrence.
The incoming Chairman, who has sat on the Fed's Board since 2012, was confirmed by the Senate for his new role on Jan. 23.