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Ben Bernanke, the former chair of the University’s economics department, will step down from his role as chairman of the Federal Reserve at the end of January. Janet Yellen, vice chair of the Federal Reserve, was nominated by President Obama yesterday to succeed Bernanke, The New York Times reported.

Bernanke chaired the University’s economics department from 1996 until 2002, when he went on public service leave to serve as a member of the Federal Reserve Board of Governors. He resigned from his position at the University in 2005.

As Fed chairman, he has been known for directing the response to the financial crisis beginning in 2008 and for the so-called “Bernanke Doctrine,” which outlines a prescription for the Fed to prevent deflation.

If confirmed by the U.S. Senate, Yellen will take over the position of chairman in late January.

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