Washington, Feb 4 (IANS): Janet Yellen has been sworn in as the US Federal Reserve chief, becoming the first woman to occupy the post. She was previously the Fed's vice chief.
The oath was administered Monday by Governor Daniel K. Tarullo in the Board Room, Xinhua reported citing a Federal Reserve statement.
US President Barack Obama announced Yellen's nomination Oct 9, 2013. The Senate confirmed her Jan 6.
Yellen's term will end Feb 3, 2018, and her term as a member of the Board will end Jan 31, 2024.
As a close ally of former Fed chair Ben Bernanke, Yellen is expected to keep enforcing the low interest rates and cutting back the massive bond-buying programme that aims to restore growth.
She is also being watched to decide when to raise interest rates for the first time since the recession began.
Also Monday Bernanke began his new job at the Brookings Institution as a distinguished fellow in residence.