WASHINGTON (AP) - Two new members have been installed on the Federal Reserve, which has enormous power over Americans' pocketbooks.
Janet Yellen becomes vice chairwoman, the Fed's second-highest ranking official, and Sarah Bloom Raskin is now a governor. Both were sworn into their jobs on Monday. They were tapped by President Barack Obama to fill vacancies on the Fed's seven-member board in Washington.
Before joining the Fed, Yellen was president of the Federal Reserve Bank of San Francisco since 2004. Raskin was Maryland's commissioner of financial regulation. They will help decide how much additional aid the Fed should provide to energize the economy.
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