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Janet Yellen to resign
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June 8, 1999: 8:35 p.m. ET
Council of Economic Advisors chair plans return to academe
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NEW YORK (CNNfn) - Janet L. Yellen, chair of the White House Council of Economic Advisors, declared her intention to resign her post, the White House said in a statement Tuesday.
White House officials said Martin Baily, a former member of the council now working for the McKinsey & Co. consulting firm, was the likely candidate to succeed Yellen.
Yellen said in an interview she was leaving to return to her post as a business professor at the University of California Berkeley campus, accompanying her husband as he returns to the university from a two-year leave.
"It's purely a personal reason," Yellen said. The exact time of her departure will depend on how soon her successor can take over.
Yellen endorsed Baily as a "very strong" economist. "If Baily is chosen as my successor he will be a very outstanding appointment," she said.
Describing her economic outlook as she prepares to leave, Yellen said, "There's more of the same on the horizon of good times. There's no obvious reason for the good times to end."
In a statement, President Clinton said he is sorry to learn of Yellen's intended resignation, adding that her "extraordinary intellect and keen grasp of domestic and international economics have contributed enormously to the formation of my Administration's policies … . (A)nd she has been an important contributor to the extraordinary economic progress we have made in recent years." 
-- from staff and wire reports
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