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News Now

Washington
New Fed Chair Yellen sworn in today
WASHINGTON (2/3/14)--Janet Yellen is scheduled to be sworn in as Federal Reserve Board Chair this morning.

Yellen is the first woman to hold this position and has served as Fed vice chairman since Oct. 4, 2010.

Her term in charge of the Fed is scheduled to end on Jan. 30, 2018.

Yellen in testimony before a Senate Banking Committee nomination hearing held last year gave hints as to how she would run the Fed. The Fed should continue to limit regulatory burdens for small financial institutions, taking into account their distinct role and contributions, she said.

The Fed could also work to level the playing field between large, too-big-to-fail institutions and smaller institutions, she added. Yellen in later remarks also said the Fed needs a model for supervision of smaller institutions that's different and less onerous.

She said she would also work to address the regulatory compliance burdens faced by institutions that pose no systemic risk. Overall, Yellen said she is "committed to using the Fed's supervisory and regulatory role to reduce the threat of another financial crisis." Capital and liquidity rules and strong supervision are important tools for addressing the problem of financial institutions that are regarded as too big to fail, she said.

She also pledged to make the Fed a more open and transparent institution during her tenure.


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