Janet Yellen sworn in as Federal Reserve chair
NEW FEDERAL Reserve chair Janet Yellen was officially sworn in for her four-year term yesterday, the first woman to hold the top post at the world’s most powerful central bank. Before her promotion, she had been the Fed’s vice chair for three years, playing a major role in the development of emergency monetary policy in response to the financial crisis. Her predecessor, Ben Bernanke, also revealed his new position today. After eight years at the head of the Fed, Bernanke is staying on in Washington DC, taking up a position as a distinguished fellow in residence at the Brookings Institution.