President Trump has announced his nominee for Federal Reserve Chairman. Moments ago President tapped Fed Governor Jerome Powell to become head of the U.S. central bank to replace Janet Yellen when her term expires in February 2018.
Mr. Powell was appointed to the Fed board in 2012 by then-President Barack Obama and emerged as the preferred choice from group of five possible nominees that included current Chair Janet Yellen – as well as others who would have represented a sharp change in monetary policy. During a Rose Garden announcement, President Trump called Powell a strong, committed and smart leader:
[As a Federal Reserve Governor] Mr. Powell went further than his colleagues in calling to relax some of the stricter regulations imposed after the 2007-2009 financial crisis and recession, also one of Trump’s goals. Powell can now pursue that end along with Trump appointee Randal Quarles, the Fed’s new vice chair for supervision.
Though he will be the first Fed chief since the late 1970s without an advanced degree in economics, Powell brings market insights, Fed board experience and ties to the Republican Party that analysts argued likely make for a smooth transition and relatively easy Senate confirmation.
Under President George H.W. Bush, Powell oversaw policy on financial institutions and debt markets as an undersecretary of the Treasury. From 1997 to 2005 he was a partner at the Carlyle Group, a private equity firm, and focused on public debt dynamics while at the Bipartisan Policy Center think tank. (More)