Senate confirms Powell for Fed chair, handing Trump's pick enormous influence over the economy
Source: The Washington Post
By Jeff Stein January 23 at 5:43 PM
The Senate on Tuesday confirmed Jerome H. Powell as the next chairman of the Federal Reserve, overwhelmingly voting President Trump's nominee to a 4-year term as one of the world’s most powerful stewards of the global economy. The Senate approved Powell by a margin of 85 to 12, as the nominee was supported by a majority of Democrats and nearly all Republicans.
Powell, a current Fed governor and former financial firm executive, will replace outgoing Fed Chairwoman Janet L. Yellin, whose term ends in February. First appointed to the Fed board in 2012 by president Barack Obama, Powell is expected to largely continue Yellen's policies — a contrast from other candidates Trump considered who had criticized the Fed under Yellen for its focus on low interest rates and economic stimulus.
Powell, a former Carlyle Group executive, also worked in president George H.W. Bush’s Treasury Department, as well as at the Bipartisan Policy Center, a Washington think tank.
Powell worked closely with Yellen and her predecessor, former Fed Chairman Ben Bernanke, noted David Wessel, a senior fellow at the Brookings Institution.
Read more: https://www.washingtonpost.com/news/wonk/wp/2018/01/23/senate-confirms-powell-for-fed-chair-handing-trumps-pick-enormous-influence-over-the-economy
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