The handover atop the U.S. Federal Reserve Board took place today, with Janet Yellen taking over as chairwoman of the Fed, and former chairman Ben Bernanke heading off to the Brookings Institution.

Yellen, who was nominated as the next head of the U.S. central bank last year, formally took the oath of office as chair of the Fed’s board of governors today. Her term as chair ends February 3, 2018; and her term as a member of the board ends January 31, 2024.

The Brookings Institution announced today that her predecessor, Ben Bernanke, is joining its economic studies program as a distinguished fellow in residence, effective today. He will be affiliated with the newly launched Hutchins Center on Fiscal and Monetary Policy.