FOMC Unanimously Selects Janet L. Yellen as Chair

The Federal Open Market Committee, at its annual organizational meeting this week, unanimously selected Janet L. Yellen to serve as its Chair, effective February 1, 2014. She is scheduled to be sworn in as Chair of the Board of Governors of the Federal Reserve System at 9 a.m. EST February 3. She will remain as Board Vice Chair over the weekend, with the authority to exercise all the duties of the Chair.