Janet Yellen and Sarah Bloom Raskin were sworn in by Federal Reserve Board Chairman Ben Bernanke on Monday to become members of the Board of Governors.

Yellen now holds the number two position at the Fed, succeeding Donald Kohn as the board's vice chair. Kohn retired on Sept. 1, ending his 40-year career at the Fed.

Raskin was Maryland's commissioner of financial regulation.

Both were nominated by President Obama on April 29. Yellen's term will expire on Jan. 31, 2024, while Raskin's term will expire Jan. 31, 2016.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.