nsucurrent.com
nsucurrent.com May 20, 2018


Jerome Powell sworn in as 16th Fed chairman

07 February 2018, 01:39 | Ruby West

Comptroller of the Currency Joseph M. Otting issued the following statement congratulating outgoing Chair of the Board of Governors of the Federal Reserve System Janet L. Yellen. "I look forward to continuing to study the economy, especially issues related to the labor market, and contributing to public policy debates on a range of economic issues".

Powell, the 16th person to hold the position, was nominated by President Donald Trump in November.

"My colleagues and I will remain vigilant, and we are prepared to respond to evolving risks", Powell said.

"I am also pleased to report that our financial system is now far stronger and more resilient than it was before the financial crisis that began about a decade ago".

Powell has a bachelor degree in politics from Princeton University and a law degree from Georgetown University.




Ben Bernanke, Yellen's predecessor, also is a fellow at the Washington, D.C., center.

But Yellen said she supported the choice of Powell as her successor. "We intend to keep it that way".

In his video message, Powell did not mention the current turbulence in financial markets, which sent stocks plunging on Friday. The Federal Open Market Committee, the bank's policymaking arm, took its key overnight interest rate target to near-zero in late-2008 and left it there for seven years.

Yellen's final act at the Fed was to hit one of the largest U.S. banks, Wells Fargo & Co., with an unusual ban on growth that follows the San Francisco-based lender's pattern of consumer abuses and compliance lapses.

He has steadily supported Ms Yellen's approach to monetary policy and financial regulation, creating an expectation that he would be unlikely to attempt large or sharp changes in the Fed's course.



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