The Fed said Thursday that the swearing-in will take place at 9 a.m. Eastern time. The ceremony will be private, with Yellen sworn in by Fed Governor Daniel Tarullo, the senior member of the Fed’s board.
Bernanke’s term as chairman will end at midnight Friday. The Fed said Yellen will have authority as the current vice chair to exercise all the duties of chair beginning this weekend.
Yellen, 67, has been a close Bernanke ally. She is expected to continue the Fed’s policy of maintaining low interest rates while scaling back its stimulus programs as the economy improves.
MORE HBJ HEADLINES
Plenty of risks could sink Boeing’s Iran deal 3:05 p.m. Southwest Airlines delays delivery of 67 Boeing 737s 12:16 p.m. How would Brexit affect U.S? Car quality improves even as new technology is introduced Flu spray fails again, panel urges shot instead Oil revenue plunges $438 billion to 10-year low, OPEC says