Jerome ‘Jay’ Powell Confirmed by Senate to Head the Fed
The Senate has approved President Donald Trump’s selection of Jerome Powell to be the next Chairman of the Fed beginning next month.
Senators voted 85-12 to confirm Mr. Powell to lead the central bank, a post that is considered the most powerful economic position in government.
Mr. Powell will succeed Janet Yellen, the 1st woman to Cahir the Fed, when her term ends on 3 February. .
Mr. Powell, 64 anni, has served for 5.5 years on the Fed’s board.
He is a lawyer and investment manager by training. Many expect him to follow Ms. Yellen’s cautious approach to interest rates, he is seen as a centrist, and enjoyed support from Republicans and Democrats.
Chairman-to-Be Powell has signaled that he favors ways to make bank regulations less onerous, especially for smaller community banks.
Trump will be able to essentially remake the Fed’s board during his 1st 2 years in office. He has already filled the Key post of vice chairman for regulation with Randal Quarles.
Educated at Princeton University with a law degree from Georgetown, Mr. Powell, known as Jay, spent many years in investment management, at Dillon Read and then at the Carlyle Group.
His work there made him one of the wealthiest figures to serve on the Fed board, based on how government disclosures are drafted, his wealth may actually be close to $100-M.