February 2, 2018 / 4:19 PM / 9 months ago

Fed's Yellen will join Brookings Institution

U.S. Federal Reserve Chair Janet Yellen holds a news conference following the two-day Federal Open Market Committee (FOMC) policy meeting in Washington March 16, 2016. REUTERS/Kevin Lamarque

WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen will join the Brookings Institution, a Washington think tank, on Monday after stepping down from the U.S. central bank.

“I’m delighted to be joining,” Yellen said, according to a statement announcing her position that was issued on Friday by the think tank.

Yellen spearheaded the Fed’s gradual move away from the near-zero interest rates adopted to nurse the economy back to health and spur job growth after the 2007-2009 recession.

U.S. President Donald Trump nominated Fed Governor Jerome Powell to succeed Yellen when her four-year term ends on Saturday. Powell is expected to hew closely to the policies embraced by Yellen.

Yellen had previously said she would step down from the Fed’s Board of Governors after finishing her term as chair.

The Fed said on Wednesday that Powell would become the central bank’s chairman on Saturday and would be officially sworn in on Monday.

Yellen will join former Fed Chairman Ben Bernanke at the Brookings Institution.

Reporting by Jason LangeEditing by Chizu Nomiyama

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