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Yellen announces resignation from Fed....appointment doesn't end until 2024

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posted on Nov, 20 2017 @ 01:56 PM
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What an odd thing for the Chair of the Federal Reserve to do....she can stay on until 2024. Is this normal?


Federal Reserve Chair Janet Yellen announced Monday that she will leave the central bank once she steps down as Fed chief in early February, though her term on the board doesn't end until 2024.


Source




posted on Nov, 20 2017 @ 02:02 PM
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A full Fed Chair term is broken up into 2 year segments over 14 years. 14 years being the full term. Anyone who serves the full term cannot be reappointed to the position.

Most Fed chairs leave within 2 years of a new administration. Ben Bernnanke only served 4 years and was appointed by Obama. Obama then appointed Janet Yellen in 2014, she can't leave until an even numbered year, which is why she will leave come February 2018.

This is by no means abnormal.

By "appointed": It should be noted that it is the Senate who confirms the appointment. But the president makes the selection.
edit on 20 11 17 by projectvxn because: (no reason given)



posted on Nov, 20 2017 @ 02:06 PM
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Seems normal enough- new admin is probably asking what they're doing about the absolutely inevitable complete collapse of our fiat currency, and they don't have an answer because they can't do anything about it.

Besides- you have to figure that it only takes a few years in that position to grow disturbingly wealthy- who needs to work with that kind of cash on hand?

I'd be retiring to my private mountain to hide in my bunker...



posted on Nov, 20 2017 @ 02:07 PM
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Her replacement, Jerome Powell was nominated by Donald Trump on November 2nd of this year.



posted on Nov, 20 2017 @ 02:16 PM
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originally posted by: projectvxn
A full Fed Chair term is broken up into 2 year segments over 14 years. 14 years being the full term. Anyone who serves the full term cannot be reappointed to the position.

Most Fed chairs leave within 2 years of a new administration. Ben Bernnanke only served 4 years and was appointed by Obama. Obama then appointed Janet Yellen in 2014, she can't leave until an even numbered year, which is why she will leave come February 2018.

This is by no means abnormal.

By "appointed": It should be noted that it is the Senate who confirms the appointment. But the president makes the selection.


Right....I meant her position on the Board...she can stay until 2024. Wouldn't that be where those in power want her? Still on the board and able to have some sway?



posted on Nov, 20 2017 @ 02:22 PM
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a reply to: Vasa Croe

Maybe. Or maybe she just doesn’t want to work there anymore, or all this talk of interest rates is a herald of badness we’ve all talked about and she’s escaping the storm, maybe it was just because she doesn’t like trump?

Could be anything really.



posted on Nov, 20 2017 @ 02:54 PM
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a reply to: projectvxn

Bernanke served as Chairman from 2006 to 2014. Also, the Chairman of the Federal Reserve serves in 4 year terms, with the longest serving Chairman being William Martin, who served from 1951 to 1970. It's members of the Board of Directors of the Federal Reserve that have up to 14 year terms & the limit you mentioned.


The seven members of the Board are appointed by the president of the United States and confirmed by the U.S. Senate. The full term of a Board member is 14 years, and members who have served a full term may not be reappointed.

The president also appoints the chairman and vice chairman of the Board from among the seven Board members. The chairman and vice chairman serve four-year terms and may be reappointed to these positions. The Board’s seven governors serve as members of the Federal Open Market Committee.

ETA: Grrr... Link is a bit wonky. It's supposed to link to page 6 of this PDF (HERE).

Since members of the Board can only serve up to 14 years and Chairmen are selected from those board members, it would seem that 14 years is their maximum time limit. But Martin's 19 years at Chairman clearly refutes that. Either way, Yellen's current term was supposed to end in 2018 anyway. And Trump had already nominated someone else (Jerome Powell) to be the next Chairman at the beginning of the month.
edit on 20-11-2017 by enlightenedservant because: link was trippin



posted on Nov, 20 2017 @ 03:00 PM
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a reply to: enlightenedservant

I was under the impression he was confirmed in 2010.

Oh well. I stand corrected.



posted on Nov, 20 2017 @ 03:09 PM
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originally posted by: Vasa Croe

originally posted by: projectvxn
A full Fed Chair term is broken up into 2 year segments over 14 years. 14 years being the full term. Anyone who serves the full term cannot be reappointed to the position.

Most Fed chairs leave within 2 years of a new administration. Ben Bernnanke only served 4 years and was appointed by Obama. Obama then appointed Janet Yellen in 2014, she can't leave until an even numbered year, which is why she will leave come February 2018.

This is by no means abnormal.

By "appointed": It should be noted that it is the Senate who confirms the appointment. But the president makes the selection.


Right....I meant her position on the Board...she can stay until 2024. Wouldn't that be where those in power want her? Still on the board and able to have some sway?


Maybe tax cuts for middle income and lower-income workers rub her the wrong way.



posted on Nov, 20 2017 @ 03:42 PM
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a reply to: projectvxn

No worries, man. Before looking it up, I thought they served just one long term and that being "reappointed" was just a formality.



posted on Nov, 20 2017 @ 03:44 PM
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a reply to: enlightenedservant

Looks like I got Fed chair terms confused a little with board terms.




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