WASHINGTON (AP) — Janet Yellen submitted her resignation from the Federal Reserve board to President Donald Trump on Monday, announcing that she will leave when her successor is sworn in as Fed chairman.

In a letter to the president, Yellen said she would her "utmost" to ensure a smooth transition to Jerome Powell, who was tapped by Trump on Nov. 2 to become the next Fed leader after the president decided not to offer Yellen a second term.

Yellen's decision gives Trump in his first year in office the chance to fill five positions on the Fed's seven-member board, in addition to picking Powell to be the next Fed chairman. Board member Lael Brainard will be the only Fed board member not nominated by Trump, meaning his selections will have tremendous influence in setting the country's future monetary policy.