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US Senate confirms Jerome H Powell as Chairman of Federal Reserve

Jan 24, 2018 14:23 IST
US Senate confirms Jerome H Powell as Chairman of Federal Reserve

The United States Senate on January 24, 2018 confirmed the appointment of Jerome H Powell as the Chairman of the Federal Reserve System, the central banking system of the United States.

Powell's appointment was approved by the Senate by vote of 85 to 12, as he was supported by a majority of Democrats and nearly all Republicans. Powell was nominated for the post in November 2017 by President Donald Trump.

Powell will replace Janet Yellen, whose term will end in February 2018. Yellen was appointed by President Obama in 2014 and has been the first woman to hold the position.

Powell has been serving on the Federal Reserve's board since 2012. Before joining Fed in 2012, he served as a visiting scholar at the Bipartisan Policy Center, a Washington think tank.

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Powell's role as Federal Reserve Chairman
The post of Federal Reserve Chairman is a powerful one, having an influence on global economy. As Federal Reserve Chairman, Powell is expected to continue with Yellen's policies. His task will be to sustain economy's expansion.

Powell will oversee an economy in which unemployment is at 4.1 per cent, job growth is steady but restrained and inflation lies below the Federal Reserve's targets. The economy faces growing inequality and workers saw only limited wage gains during the long and slow recovery from the Great Recession of 2008.

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