Yellen's new job will ensure she stays active in the debate over Fed policy
- Janet Yellen is heading to the Brookings Institution after Donald Trump failed to reappoint her as Federal Reserve chair, CNBC reports.
- Yellen's move suggests she will remain an active voice in the monetary policy debate.
- Former Fed Chairman Ben Bernanke also went to Brookings after leaving the central bank.
Janet Yellen may be leaving the Federal Reserve, but her new position as a distinguished fellow at the Brookings Institution will ensure she remains highly active in the debate over US interest rate policy.
CNBC's Steve Liesman first reported Friday that Yellen would not be taking any kind of break, and is starting on Monday as a distinguished fellow at Brookings' Hutchins Center for Fiscal and Monetary Policy. Business Insider has confirmed the news.
Yellen became the first Fed chair in modern history not to be reappointed to a second term, despite a strong four-year track record and leadership during the financial crisis, when she proved prescient of many of the problems the economy was facing. She was also the first woman to lead the Fed, which was founded in 1913.
The center often hosts high-powered monetary policy conferences that include current and past officials, academics, and market participants.
Yellen's move follows in the footsteps of ex-Fed Chair Ben Bernanke, who also went to Brookings after leaving the central bank.
Yellen has been a strong advocate of the employment side of the Fed's dual mandate, particularly in a period when inflation has chronically undershot the central bank's 2% target.