Janet Yellen refuses to step down

Janet Yellen will not step down until the end of her term. Trump has been critical of Yellen and suggested that he would replace her. Trump claimed her policies were political positions to aid President Barack Obama.

When asked by Rep. Carolyn Maloney if there was a situation where she might leave before her term expires she said, “I was confirmed by the Senate to a four-year term, which ends at the end of January of 2018, and it is fully my intention to serve out that term.”

President-elect Trump could remove her from the federal chair but she may stay on as a governor until her 14 year term expires in 2024. Yellen did not address the current situation and did not mention Trump, but mentioned the need for central bank independence. She pointed out countries that are experiencing inflation when central barks buy debt to balance budgets.

“Markets come to expect low and stable inflation from a central bank that has political independence and good economic performance and I believe that we have seen that both in the United States and globally,” she said.

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