Yellen heading to Brookings

Federal Reserve Chairwoman Janet Yellen will start her new job Monday as a distinguished fellow at the Hutchins Center on Fiscal and Monetary Policy Brookings Institution in Washington, D.C.

Yellen, who was not renominated by President Trump to lead the central bank, will join former Fed Chairman Ben Bernanke at the think tank, Brookings announced Friday.

“I look forward to continuing to study the economy, especially issues related to the labor market, and contributing to public policy debates on a range of economic issues,” Yellen said in a release from Brookings.

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Former vice chairmen Donald Kohn and Alan Blinder, and former top Fed staffer Nellie Liang also hold positions at Brookings.

The 71-year-old Yellen spent nearly 17 years in the Federal Reserve system, including four as chair, four as vice chair, three as a Fed governor and six as San Francisco Fed president.

Yellen, who President Obama nominated in the fall of 2013, saw the economy strengthen under her watch during its steady recovery from the 2008 financial crisis. 

David Wessel, director of the Hutchins Center, said Yellen’s record at the Fed “looks pretty darn good.”

Her term ends this weekend and Jerome Powell will take over the duties as chairman of the Federal Reserve Board of Governors.

“Chair Yellen has performed a great service to her country, the economy and the American people were in good hands with her at the helm of our central bank,” said Brookings President John Allen in a statement.

“Yellen will continue that service through her research and activities at Brookings, and I’m proud to welcome her to the Brookings community,” Allen said. 

Gary Burtless, a Brookings economist, tweeted that “Janet Yellen was a terrific Fed Chair, and Brookings economists are delighted she’ll be joining us. Many of would have been even *more* delighted if she’d been given opportunity to serve another four years as Fed Chair.”