Fed Caps Growth at Wells Fargo Over Sham Accounts, Other Consumer Abuses

Janet Yellen arrives to a news conference following a Federal Open Market Committee meeting

"I would have liked to serve an additional term and I did make that clear", she said, in her first comments on the matter. Her four-year term ended on Friday; she will now join the Brookings Institution thinktank.

As Yellen departs, the only Fed chair in almost 40 years not to be reappointed for a second term, she leaves an economy with unemployment at a 17-year low of 4.1 percent - half the rate when she became chair - quiet inflation and almost four years of uninterrupted growth.

Trump was highly critical of Yellen during the 2016 campaign, but took to praising her after becoming president.

US Federal Reserve chair Janet Yellen will join the Brookings Institution, a Washington-based think tank, after the expiry of her term as Fed chair.

Wells Fargo President and CEO Timothy Sloan said the bank will present a plan to the Fed with new compliance and risk management strategies, as well as a list of steps taken so far. He decided against reappointing the Democrat in favor of nominating Powell, a Republican. In her last day on the job, Yellen added, "I feel great about the economy, I think things are looking very strong". "But I do want to say high", Yellen said on CBS's "Sunday Morning" in an interview recorded Friday as she prepared to leave the central bank.

She cited changes put in place since that time, of which Trump has been critical.

He takes over at a remarkably quiet time following a decade of economic turmoil that forced the central bank into uncharted policy waters to try to recover from the global financial crisis. "Our overall judgment is that, if there were to be a decline in asset valuations, it would not damage unduly the core of our financial system".

Yellen was asked whether she believed the economy was under threat because stocks had risen too high, creating an asset bubble that could burst, with disastrous results.

The bank is studying various measures, including potentially reducing some commercial accounts, to allow it to continue to operate and accept deposits from retail customers without the risk of violating the Fed's limit to keep asset size steady.

"I don't want to speak for the President but I suspect [Powell's] background in the private industry may be something he finds attractive", Steve Wood, chief market strategist at Russell Investments, told Forbes when Powell's appointment was announced in November 2017.



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