One of the most powerful women in finance could be booted from her job very soon, at least if President Donald Trump has his way.
Federal Reserve Chair Janet Yellen, who has been in her role since 2013, is reportedly not among Trump’s top picks for the position. Her term expires in 2018, though she could conceivably serve another term.
Yellen shaped much of the economic policy in the United States during her tenure as Fed Chair. As a part of her role, Yellen sets interest rates and raises them slowly. Following the 2008 recession, it was important to keep rates low to promote growth in jobs. However, for consumers that means that savings accounts barely grow.
Yellen began her career in the early ‘70s as an assistant professor in the department of economics at Harvard University. She worked her way up through academia and eventually made the leap to governmental roles, serving as vice chair starting in 2010.
Yellen was among the initial names floated for the term starting in 2018. Others include former Goldman Sachs executive Gary Cohn, who has since been taken out of the running, according to Bloomberg. Governor of the Fed Jay Powell, Stanford University economist John Taylor and former governor of the Fed Kevin Warsh remain in the mix, according to The Street.
- Alicia McElhaney / She Spends Issue #26