Federal Reserve Vice Chair Janet Yellen will be sworn in Monday to succeed Ben Bernanke, becoming the first woman to lead the Fed in its 100-year history.
The Fed said in a brief announcement Thursday that the swearing-in will take place at 9 a.m. Eastern time. The ceremony will be private, with Yellen sworn in by Fed Governor Daniel Tarullo, the senior member of the Fed's board.
Bernanke's term as chairman will end at midnight Friday. The Fed statement said Yellen will have authority as the current vice chair to exercise all the duties of chair beginning this weekend.
Back in 1990, a Congressman from South Carolina (Stephen Neal) introduced a bill that would require the Fed (our Central Bank) to make a zero rate of inflation its primary goal. I was able to publish my response in the economic journal Challenge under the title, “Zero Inflation: prescription for recession.” (Challenge 1990) At the time I noted that Fed Chairman Alan Greenspan had expressed support for that goal. What I did not know was that later in the decade, Chairman Greenspan would attempt to persuade the entire Federal Reserve Board of his view. IN 1996, he engaged in a spirited Debate with Economist Janet Yellen, then a member of the Fed Board of Governers.