Yellen to be sworn in as Fed chair Monday

Federal Reserve Vice Chair Janet Yellen will be sworn in Monday to succeed Ben Bernanke, becoming the first woman to lead the Fed in its 100-year history.

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.

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