Trump Pick To Head US Federal Reserve Jay Powell Confirmed By Senate

The Senate approved Jerome Powell seen here in November as chairman of the U.S. Federal Reserve by a margin of 85 to 12 as the nominee was supported by a majority of Democrats and nearly all Republicans

Jerome Powell has been confirmed as the new Federal Reserve chair after a vote of United States senators last night.

Powell, a current Fed governor, was confirmed by a vote of 85-12, paving the way for him to replace current chair Janet Yellen when she steps down next month. He has served on the Federal Reserve's board since 2012, and would take over when Yellen's term expires on February 3, 2018. Moreover, the central bank officials have also hinted that in the current year, there will be three more interest rate hikes.

Jerome Powell, a multi-millionaire, was backed in a 84-13 vote as chair of the Federal Reserve with support from Republicans and many Democrats. He has supported the cautious approach to interest rate hikes that Yellen pursued during her term.

"I think now the economy is strong, unemployment is low, growth is strong - in fact, it appears to have picked up - so it is time for us to be normalizing interest rates and the size of the balance sheet", Powell told lawmakers during his confirmation hearing in November.

In December, policy makers voted to raise the federal funds rate, which helps determine rates for mortgages, credit cards and other borrowing, to a range of 1.25% to 1.5%.

Among the no votes were four Republicans, including Marco Rubio from Florida and Texas's Ted Cruz, as well as Massachusetts Democrat Elizabeth Warren and Bernie Sanders, an Independent from Vermont.

Powell is a proponent of financial deregulation but has suggested he supports numerous provisions codified in the Dodd-Frank Wall Street Consumer Protection Act of 2010.

One of the dissenters, Sen.

Powell's confirmation also cements Trump's stamp on the Fed.

Banking committee chairman Mike Crapo, a Republican, said Mr Powell would be "central to ensuring a safe and sound financial system while supporting a vibrant, growing economy".

The regulatory law Congress passed in response to the financial crisis left the Fed significant discretion in writing new rules - effectively relying on the bank's regulators to maintain a healthy financial sector while protecting consumers and the economy as a whole. He graduated cum laude from Georgetown University where he studied worldwide economics.

Related News:



Most liked

Chelsea star, Robert Kenedy joins Newcastle United on loan
Speaking to Newcastle's official website about the move, the 21-year-old said, "I'm so happy with this opportunity at Newcastle". Benitez added: " Kenedy is a player that we have been following since the summer". "But I think now he is more ready.

Sanchez signs for Manchester United, Mkhitaryan joins Arsenal
I can not understand anybody wanting to leave Arsenal - but in 30 years of doing transfers you learn a lot about human beings". Swap deal edges closer Alexis Sanchez has boarded a private jet as his move to Manchester United edges closer.

Apple HomePod Review: Apple, is this all you've got?
The speaker also will be able to send messages and play news updates from National Public Radio and CNN, Apple said in a release . The product lacks built-in Bluetooth but features strong Wi-Fi connectivity supported by the Apple devices.

Philadelphia Eagles' Lane Johnson a win from 'giving out beer to everyone'
Other than rooting for Tom Brady to save you from having to give 1.5 million rowdy Philadelphians a free beer? The NFL has not responded to a request for comment, or responded publicly to Johnson or Lane.