President Donald Trump named Jerome Powell to be the next chair of the Federal Reserve on Thursday, replacing the current chair, Janet Yellen.
In tapping Jerome "Jay" Powell to be the next chair of the Fed, he has chosen a Republican version of Yellen when it comes to the cautious schedule of interest rate boosts.
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Trump announces Powell as nominee
In the White House Rose Garden President Trump announced he has nominated Jay Powell to be the next chairman of the Federal Reserve, calling him strong, committed and smart.
"As president, there are few decisions more important than nominating leaders of integrity and good judgment to hold trusted positions in public office. And few of those trusted positions are more important than the chairman of the Federal Reserve," Mr. Trump said. "Accordingly it is my pleasure and my honor to announce my nomination of Jerome Powell to be the next chairman of the Federal Reserve,"
He also said that Powell has proven to be a consensus builder for sound economic policy, and Mr. Trump said that based on Powell's record, he's confident that he has the "wisdom and leadership to guide our economy."
The president thanked Janet Yellen for her service as chair, saying she is "a wonderful woman who has done a terrific job" and served for the past four years with "dedication."
Mr. Trump also expressed the hope that the Senate "will swiftly confirm him." Powell, who is a Republican, was nominated to be a member of the Fed Board of Governors by President Obama. He has been confirmed by the Senate twice already -- in 2012 for an unexpired term, and in 2014 for a full term of 14 years. Twenty-four senators opposed his nomination in 2014, and many of those opponents were Republicans. The Washington Post points out that 22 of those GOP senators who voted no are still in the Senate.
Jerome Powell remarks
Powell thanked the president for the nomination and promised the Fed would remain vigilant and prepared to respond to evolving risks.
He promised that if confirmed, "I will do everything within my power to achieve our congressionally assigned goals." The Federal Reserve has a dual mandate in setting monetary policy -- to achieve stable prices and maximum employment.
He also promised to make decisions "with objectivity," in the fed's tradition of monetary policy independence.
Powell had words of praise for his predecessors in the job, Ben Bernanke and Janet Yellen, citing them for their "insight and courage" and for moving the Fed toward greater transparency and predictability.
Should he be confirmed by the Senate, Powell will be the first Federal Reserve chairman without a Ph.D. in economics since Paul Volcker was appointed by Jimmy Carter in 1979.