The Federal Reserve Board of Governors elected two members Monday. Janet Yellen serves as vice chair of the board and Sarah Raskin joins as an active member. Yellen, who was confirmed by the senate last week, began a 14-year term, set to expire in 2024. She was previously president and chief executive officer of the Twelfth District Federal Reserve Bank of San Francisco from 2004 to 2010. Yellen was nominated to fill the seat left by Mark Olson, whose term expired. Raskin was the Commissioner of Financial Regulation for the State of Maryland since August 2007. In that position, she served on the board of director of the Conference of State Bank Supervisors and as the chair of their Federal Legislation Committee. Raskin’s term extends until January of 2016. She fills the seat vacated by Donald Kohn on Sept. 1. Both women were nominated by President Obama in April. Write to Christine Ricciardi.