The president also strays from Powell on the issue of Yellen's handling of interest rates during her time leading the Fed under former President Barack Obama. The Dow Jones index has lost 5% of its value since last record, after extending this Monday heavy falls that were seen on Friday, on last day of Yellen.
Although expansion progressed progressively over past nine years, inflation remained mysteriously low, as Powell acknowledged.
What is Janet Yellen doing after concluding her historic four-year term as the first woman to chair the Federal Reserve?
In his message, Powell, an investment banker before joining the Fed, said he was committed "to explaining what we're doing and why we are doing it" in carrying out the Fed's main jobs of promoting price stability and maximum employment. In the past few years, for example, Powell has voted for Yellen's gradual interest rate increases.
"I am also pleased to report that our financial system is now far stronger and more resilient than it was before the financial crisis that began about a decade ago". The Fed told Wells Fargo on Friday that the San Francisco-based bank will be restricted from growing any larger than its total asset size as of the end of 2017 till it improves its governance, risk management and oversight. "Yes, it can keep going", she said. He graduated in politics from Princeton and in law by Georgetown.
Yellen is leaving after one term as Fed chair.
He served as undersecretary at the Treasury Department in the George Bush administration, responsible for policy on financial institutions and the Treasury debt market. The only woman to serve as the head of the U.S. central bank described her work at the Fed as "the core of my existence".