Mubasher: US Federal Reserve Chair Janet Yellen announced on Monday that she will resign from the Board of Governors once Jerome Powell is confirmed and sworn in to replace her after her term expires next February.

Although Yellen’s term would end in February 2018, she technically can continue serving out a separate appointment as a governor until 2024.

In a letter she sent to President Donald Trump, Yellen stressed her commitment to ensure a smooth transition.