President Trump Announces Nominee Jerome Powell as New Federal Reserve Chairman…

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)

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This entry was posted in Big Government, Budget, Donald Trump, Economy, media bias, President Trump, Professional Idiots, Uncategorized, US Treasury, USA. Bookmark the permalink.

74 Responses to President Trump Announces Nominee Jerome Powell as New Federal Reserve Chairman…

  1. sundance says:

    Liked by 13 people

    • wolfmoon1776 says:

      I feel like Yellen was doing a good job, but I don’t think she would ever have any kind of a MAGA focus. Thus a Trump pick is simply a good thing, IMO, because I trust his hunches implicitly.

      Liked by 13 people

      • Pam says:

        The last part of your first sentence is why I think Yellen got the boot. I think it was good that POUTS gave this decision a lot of thought before making it. Powell sounds like a good sound pick to me.

        Liked by 9 people

      • fleporeblog says:

        The good news about Jerome Powell is that he is considered a male version of Janet Yellen. What separates the two of them is this paragraph from the article SD linked above:

        But Powell has gone 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.

        Liked by 11 people

      • Grandma Covfefe says:

        Wolfmoon, You speak well for us, too. We need steady MAGA people, not emotional people and I’m referring to someone outside the Feds. Wew!

        Liked by 6 people

        • Grandma Covfefe says:

          Whew! I meant

          Liked by 1 person

        • wolfmoon1776 says:

          I agree – STEADY MAGA!

          Watching Trump back his MAGA people is really something. Scott Pruitt at EPA, Mnuchin at Treasury, Mattis at DoD, Rex at Statem, Kelly at DHS (before CoS) – ALL of them very calm and professional as they produced BIG LEAGUE for MAGA, and as they did, Trump started giving them HUGE backing in terms of BOLD support.

          It reminds me of what Hillary pretended to be like at the CIC Forum. She used words – “steadiness – rock steadiness”, “temperament and judgment” – but in her case it’s all FAKE. In Trump’s case – REAL – and when a subordinate has it, too, there is massive synergy. This is why the left keeps trying to break off and demonize Trump’s best people. They try to create space between them, where there IS NONE!

          MAWA will NOT beat MAGA!

          Liked by 6 people

    • wheatietoo says:

      If this results in taking pressure off of banks to lend to subprime borrowers, then it will be a good thing.

      Banks should not be used as tools to ‘effect social justice’.
      If someone cannot afford to pay a loan back…then they should not be given that loan simply because they are in a ‘disadvantaged group’.

      Tying up capitol in non-performing loans hurts the economy.
      Anything that hurts the economy, hurts us all.

      Liked by 14 people

      • MK Wood says:

        And that is what set up the fiasco. The forced to loan to subprime was started with Clinton and expanded by Bush. Complete and total misuse of government force.

        Liked by 11 people

        • wheatietoo says:

          Yep, absolutely.

          Obama sued Citibank in 1995, on behalf of ACORN…to force them to make subprime loans.
          They ‘crucified one to make an example to them all’.

          This sent shock waves out into the banking industry.
          The message was clear: “Make subprime loans or you will be punished.”

          That’s why there was a ‘Bank Bailout’ when it all blew up.
          Bush & Congress didn’t want the banks to scream “You caused this! You forced us to do this!”

          Liked by 6 people

          • wolfmoon1776 says:

            Remember back then, how most Americans considered it UNTHINKABLE that an entire party, much less many Republicans, too, would CONSPIRE to crash our economy, so that an otherwise unelectable leftist like OBAMA could become President!

            NOW? It’s not only thinkable – it’s what we EXPECT them to do!

            Liked by 2 people

          • saywhat64 says:

            that is exactly why no criminal charges were ever made. In a criminal trial, the culpability of the congressional politicians would have caused huge problems on many levels for all of them including obama.

            Liked by 3 people

        • This was actually started way back in the late 70s by Jimmy Carter. It was called the Community Reinvestment Act and forced banks to loan to certain neighborhoods which had previously been “red-lined” because of high default rates.

          It was supercharged in the 90s when Home Equity Lines/Loans came into being and the qualification standards were turned upside down in order to allow more people to live the “dream” of home ownership (which quickly became a nightmare for a lot of them as they were talked into loans they had no chance of repaying). The feds pushed all of these disastrous policies and a few people got very rich and then got the heck out before the whole Ponzi scheme collapsed, just in time to usher in the age of Obama!

          I still believe this was the reason behind McCain’s famous “campaign suspension in September 2008, as well as the look of pure hatred on Dick Cheney’s face at the inauguration in January 2009. They all knew what had happened and none of them could admit to it because it would have destroyed the economy completely. The amount of money that “disappeared” was in the billions and the whole Swamp exists today to protect the people who raided the US Treasury and got away with it!

          Liked by 5 people

          • wheatietoo says:

            That’s right, it started with Carter’s CRA…but that law just sat there for years, being ignored.

            It wasn’t until Obama added charges of “racism” to it, that it was resurrected.

            The threat was, that if a bank didn’t comply then they would get sued for “Racist Lending Practices”.

            Liked by 3 people

          • wolfmoon1776 says:

            Yup. The pulled a massive game on us.

            There was a large conspiracy to elect our “first black President” – and it had to be the most radical one possible – the one who was groomed by Stalin’s hand-picked mouthpiece.

            Only an economic crash could do it – just like the one that helped give us FDR, that pink bully whose socialist version of America was only rescued by world war.

            Liked by 2 people

        • Grandma Covfefe says:

          Exactly. It should have never happened. If I recall Carter started that idea, then Clinton pushed it thru. It was a ‘political correct’ thing to do.

          Liked by 3 people

          • Greenmirror says:

            Politically Correct needs to be changed, something more along the lines of: I did it to gain re-election votes is more appropriate.

            Like

          • Lindenlee says:

            Community Reinvestment Act on steroids – Clinton. Destruction of Glass-Stegall -securitization of loans of all types by investment houses. 2007 debacle and trillions paid by the Fed to European banks, bailouts of AIG/GS, ad nauseum.

            Just look at quickly it all happened, 9 years after GSM was murdered by Robert Rubin, the financial Prince of Darkness. And nobody went to prison.

            Liked by 1 person

      • Grandma Covfefe says:

        Agree.

        Liked by 1 person

  2. Sentient says:

    Apparently he played for the Braves, too.

    Liked by 1 person

  3. thedoc00 says:

    Finally a business person with operational experience instead of an academic theorist who never deployed a business oriented strategy and who has zero feel for the relationship between policy and business building..

    Liked by 10 people

    • POP says:

      Good luck with that.
      If he was appointed by Oby he’s a fellow traveller by definition.
      No-one slips through that net.

      Liked by 3 people

    • Nonlocality says:

      thedocoo : Well stated!
      I am living on #SS and my less-than-20yr FRS (Florida). I worry about interest rate increases (mortgage – only one year remaining!!). However, I am so tired of fed morons printing money. A another of our national death wishes.

      Liked by 2 people

      • cjzak says:

        I understand completely. I was hoping so much that PDJT would really do something to break up the Fed. He hinted at that during the campaign but guess it’s not in the cards to rock that boat. Oh well.

        Like

  4. Artist says:

    why another obama leftover?????
    I would be happier if EVERYONE with obama taint was G O N E

    Liked by 6 people

    • Running Fast says:

      That would wipe about about 2M federal employees…

      Liked by 2 people

    • WVPatriot says:

      I agree Artist.

      If Powell passed the bho litmus test, why would Powell be appointed by President Trump…anyone?

      Liked by 1 person

    • repsort says:

      I dunno. I think President Trump took “ownership” of this BIG FAT UGLY BUBBLE by braggin on the record numbers and this is him saying, “Protect my big ugly bubble!”

      Sounds like Powell is committed to maintaining 2% theft I mean inflation.
      That’s a doubling in prices over 36 years, btw (rule of 72).
      Pure theft.
      Those of you making 100k, will you be making 200k per year 36 years from now?

      Like

      • CorwinAmber says:

        funny thing about inflation…50 years ago I was learning FORTRAN, ASSEMBLER & COBOL so I could write a rudimentary program for an IBM 360 mainframe that was the size of a battleship…no video screen, I had to keypunch my own cards so that I could generate an error register the size of a Manhattan phone book because I wasn’t very good at it :o)

        25 years later I purchased my first PC for a couple of thousand bucks that was much more powerful than the IBM 360 and was the size of a small suitcase.

        Now I am typing on a Chromebook that I picked up at Target for 160 bucks, go figure…

        Liked by 7 people

        • Albertus Magnus says:

          CA, Sounds like we attended the same school back then! Except I had to take RPG, which I hated. I LOVED Assembler and COBOL though.

          Now although I have a master’s in nonprofit management and working on a Ph. D. in Catholic Humanities/Philosophy, I don’t even remember how to operate one of those darn keypunch machines anymore!

          Like

        • das411 says:

          and isn’t it interesting that in fields that are relatively lightly regulated, like the tech you mention, you have better products produced for lower costs due to natural market competition….while in areas that are extremely heavily regulated, like health insurance and money production, the exact opposite happens…

          Like

  5. Yellen a Democrat. Powell a Republican. Enough said.

    Liked by 4 people

  6. Carrie2 says:

    Since the Fed Reserve is a bank and not a federal owned bank, surely now we can get truths and facts that help us and America. Remember, this bank was supposed to be removed/stopped/not used around 1914/15. Of course, we have no real bankers in our Congress or administration to run a bank or if they did, we would be truly ripped off. Getting someone that can be trusted is another step forward with Pres. Trump at the helm.

    Liked by 4 people

  7. Nonlocality says:

    DJT is an anomaly, weird, unscripted, transparent, etc ad nauseum, ad infinitum – with good advisors. Hillary would never have gotten rid of Yellen. So, I’m in.

    Liked by 7 people

  8. MVW says:

    The market liked it. I suspect it was already factored in though.

    Liked by 1 person

  9. n1ghtcr4wler says:

    John Taylor would have been my choice. On paper he fits Trump more, but of course I don’t know what they talked about.

    Like

  10. Tom says:

    I’d rather we just do away with the Non-Federal non-Reserve “bank” that has been degrading our currency since 1913. A Republican clone of Yellen is just as stinky. The only nominee I’d like to see is one that would shut it all down and stop rigging the markets.

    Since that will never happen, I’m neither happy nor sad about this particular person. One swamp creature is much like another.

    Liked by 2 people

    • julegate says:

      Tom, I agree with you. I have heard rumors the Fed will be absorbed in the US Treasury as the $ looses reserve currency status. The pick was the one “rumored” to be the choice a couple of weeks ago. What is important he is not a Neocon. I am waiting and watching hoping this all comes true.

      Liked by 1 person

    • Chuck says:

      I’m with you on this also Tom.

      Like

  11. NewIDEA says:

    Please look at this petition its a way for the states to take charge of corrupt Washington and give power back to the people.
    Link:
    https://www.thepetitionsite.com/943/396/492/invoke-article-v-5-of-the-united-states-constitution/

    Like

    • julegate says:

      You don’t want this. We need to enforce the Constitution not change it. There are trillions stollen from the govt. If we change the. Constitution the people get stuck with the trillion $ bill. If we’ve fit the Constitution we can get the money back. Please avoid Article 5 Convention at all costs.

      Liked by 3 people

    • nimrodman says:

      Hey, Mr NewIDEA –
      How come you’re spamming this message to multiple threads here at Treehouse?

      Huh?

      I counted at least 6 before stopping.

      My New Idea is you’re a troll, or at best a spammer.

      Like

  12. Which one of Trump’s kids picked THIS appointee?

    Like

  13. bulwarker says:

    Any chance Powell will allow a full audit of the Fed? I doubt it.

    Liked by 1 person

  14. Pam says:

    LOL!

    Liked by 5 people

  15. TeaForAll says:

    Time to Audit the Fed

    Liked by 1 person

  16. Checking assorted Conservative websites, I have found great skepticism about this candidate, ranging from being tainted by MAObama to being a member of the D.C. Swamp for a long time. But perhaps President Trump sees something not obvious to us.

    I would love to see higher interest rates, so that S A V I N G money could make a comeback 3% to 5% interest for saving would be nice, making $3.00-$5.00 per $100.00 vs. 3 to 5 mills! And a savings account should be something for which one is NOT penalized by taxes and (under-reported/ not reported) inflation!

    I would also like to see the MASSIVE stock market bubble burst soon, because the false prosperity of Ponzi-scheme Amazon and of a government-subsidized/Socialist “business” like Tesla cannot last. President Trump needs to be careful about taking credit for a bubble market, because when it bursts, he will also easily – if unfairly – be blamed for that as well!

    Liked by 1 person

  17. scott467 says:

    “Mr. Powell was appointed to the Fed board in 2012 by then-President Barack Obama…”

    _________________

    I don’t know how that can possibly be a good thing.

    Hussein was and is, by his own actions and words, a God-hating, America-hating, Constitution-hating, baby-murder loving leader of the Party of Sodom & Gomorrah.

    How can anyone appointed by Hussein not be tainted?

    Does anyone think Hussein did even a single thing that was good or right or beneficial to America?

    Talk about fruit of the poison tree…

    …………………………..
    “Ye shall know them by their fruits. Do men gather grapes of thorns, or figs of thistles? [17] Even so every good tree bringeth forth good fruit; but a corrupt tree bringeth forth evil fruit. [18] A good tree cannot bring forth evil fruit, neither can a corrupt tree bring forth good fruit.” (Matthew 7:16-18, KJV)
    …………………………..

    Like

  18. signreader says:

    I have a few observations:
    Powell is first non tribal cabal nominee for the Chairmanship which is good!
    He served Bush 41(Read my lips!). (Not good).
    He was McCains supporter and contributor, why did he not edify McCain about the causes of Housing crash if he was smart enough and which was not lost on the insiders! Just that would have given McCain some firepower against Obama in 2008! Not that I care much about him!
    Prolly the housing crash is already fading from the people memory! The millennials are mostly leaning and looking toward a communistic type envoenment (Not good!)
    The America was sold to globalists starting with presidency of Bush 41 through all who followed him.
    How many listened to the Bush 43 anti Trump in disguise speech?
    Trump recognized the problem the offshoring of the mass production to slave laboring countries and that is what keeping the inflation low which has made Fed as an ineffective body in reality! Americans have gotten used to cheap Chinese / Mexican goods that is no different than opiates or any other drug! It is very simple people with low wages can only buy cheap stuff from big box stores or on line like Amazon, or like! The Feds are complicit in that IMHO!
    The last arrow in Trumps quiver the tax reduction or reform somehow doesn’t hit the target who is going come up with a solution to ballooning deficits, ask Fed print more dollars! Back to the drawing board!

    Like

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