Posted January 24, 2018On Jan. 23, 2018, the U.S. Senate confirmed President Trump’s nominee – Jerome Powell – to serve as Chair of the Federal Reserve Board of Governors in a bipartisan 85-12 final vote. Governor Powell’s term will begin when the current Chair, Janet Yellen, steps down on Feb. 3.
Governor Powell has been on the Fed’s Board since 2012 and has worked with Chairwoman Yellen as well as her predecessor, Ben Bernanke to develop the central bank’s post-financial-crisis policies. It is expected that Powell will direct the Board with a certain level of policy continuity going forward – including, for now, continued gradual increases in interest rates. He has, however, also indicated he would consider some easing of financial regulations.