Janet Yellen may have been replaced as Federal Reserve Chair, but she’s not joining the ranks of the unemployed.
On the first weekday since Yellen was replaced by Jerome Powell as Fed chair, she’s assuming a post at the Brookings Institution, a Washington, D.C.-based think tank. Brookings announced last week that Yellen would join the Institution on Monday as a Distinguished Fellow in Residence with the Economic Studies program. At Brookings, Yellen will join Ben Bernanke, her predecessor as Fed chair. He joined the think tank in 2014 after his tenure as Fed chair ended.
Jerome Powell, who was nominated as Fed chair by President Trump and confirmed by a bipartisan vote in the Senate, assumed the post on Saturday. He has sat on the Board of Governors of the Federal Reserve since President Obama nominated him in 2011. Powell is expected to continue many of Yellen’s policies, which saw the unemployment rate drop from 6.7% to 4.1% during her tenure.
Yellen’s last act as Fed chair was to punish Wells Fargo (WFC) for ongoing bad behavior. She limited the bank’s ability to grow its assets, harming its ability to compete with other banks, and ordered four more board members to be replaced this year. On Sunday, Yellen told CBS’s Sunday Morning that prices for U.S. stocks and commercial real estate were “high,” but stopped short of calling them a bubble.