Yellen named to lead key Fed panel

United States Federal Reserve vice-chair Janet Yellen testifies during a Senate Banking Committee confirmation hearing on Capitol Hill in Washington on Nov 14, 2013. The Federal Reserve's key monetary policy-making panel, the Federal Open Market Comm
United States Federal Reserve vice-chair Janet Yellen testifies during a Senate Banking Committee confirmation hearing on Capitol Hill in Washington on Nov 14, 2013. The Federal Reserve's key monetary policy-making panel, the Federal Open Market Committee (FOMC), officially chose income Fed chief Yellen as its chair on Wednesday. -- FILE PHOTO: REUTERS

WASHINGTON (AFP) - The Federal Reserve's key monetary policy-making panel, the Federal Open Market Committee (FOMC), officially chose income Fed chief Janet Yellen as its chair on Wednesday.

One day after outgoing Fed chairman Ben Bernanke oversaw his final FOMC meeting, the Fed said the panel had unanimously selected Ms Yellen to replace him.

Mr Bernanke ends his eight-year tenure on Friday, having presided over the world's most powerful central bank during the deepest economic crisis since the 1930s.

Ms Yellen, who served as Mr Bernanke's vice-chair for the past four years, is scheduled to be sworn in as the new chair of the Fed overall on Feb 3.

The Fed said that, in the interim weekend period, Ms Yellen will remain as vice-chair but "with the authority to exercise all the duties of the chair".