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FYI

Highlights
January 30, 2014
FYI, Janet Yellen was elected chair of the FOMC during the latest FOMC meeting, according to a press release late today.

It should be noted that the selection of the chair of the FOMC is separate from appointment of the chair of the Fed Board of Governors. This essentially is a technicality as the FOMC picks the Board chair to be FOMC chair. Incidentally, the FOMC vice chair is always the New York Fed president and not the Board vice chair. The following is the press release from the Board of Governors.

“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.”


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