The Senate has approved Jerome Powell to be the chairman of the Federal Reserve. The majority of the senators voted for Jerome Powell.
Powell has been working in the Fed’s board since 2012. He is expected to assume his new post after the present Fed chairperson, Janet Yellen resigns on February 3rd.
Powell, 64, is a lawyer, Republican. He will be the first Fed chairman without an advanced degree in economy during the last three decades. Moreover, its the first time, the American president hasn't offered the present leader a second term to chair. According to Donald Trump, Powell is the most safe candidate, who will follow the current cautious monetary policy in the country, not the markets surge.
Powell is known to support gradual raise of the interest rates and is willing to slowly reduce the amount of the Fed securities, accumulated during the struggle with the financial crisis.
Banking committee chairman and Republican Mike Crapo thinks Powell to be “central to ensuring a safe and sound financial system while supporting a vibrant, growing economy” The Democrats have a different opinion. According to Senator Elizabeth Warren, the Fed chairman should be able to stand up to Wall Street, and Powell is not that person. Besides, there have been opinions expressed, that president Trump can be interfering with the Fed policy, as he owns some firms that can benefit from low interest rates.
Powell himself previously stated that the U.S. must strictly regulate large financial institutions. He is willing to support the continuing success of national economy, driving it to a complete restoration.