The Fed said Thursday that the swearing-in will take place at 9 a.m. Eastern time. The ceremony will be private, with Yellen sworn in by Fed Governor Daniel Tarullo, the senior member of the Fedís board.
Bernankeís term as chairman will end at midnight Friday. The Fed said Yellen will have authority as the current vice chair to exercise all the duties of chair beginning this weekend.
Yellen, 67, has been a close Bernanke ally. She is expected to continue the Fedís policy of maintaining low interest rates while scaling back its stimulus programs as the economy improves.