Jerome Powell, the FRB Chair Nominee, Sees Continuity if Confirmed

According to The New York Times, Jerome H. Powell, nominated by President Trump to lead the Federal Reserve Board (FRB), presented himself as a pragmatic moderate who would largely continue the FRB's current policies at a confirmation hearing before the Senate Banking Committee on Tuesday. Mr. Powell, an FRB governor since 2012, defended the FRB's approach to financial regulation. He told Democrats that he saw no need for stronger rules, and he told Republicans he did not favor rolling back most existing ones, though he did endorse easing the burden on smaller banks. Mr. Powell also pledged to continue the FRB's current approach to monetary policy, by gradually raising interest rates so long as economic growth remains healthy.

The Senate Banking Committee still has to vote on his nomination but the popular view is that should easily pass through the Committee. After that, he will go before the full Senate for a vote. Chairman Yellen's term as head of the central bank ends in early February, so lawmakers will likely try to vote on his nomination by early next year (Chairman Yellen can remain as an FRB board member, after stepping down as Chair, for the remainder of her term, which expires in 2024, but she has already announced her retirement.)

Since Mr. Powell was previously confirmed to the FRB, it seems likely he will be confirmed with a wide margin.

Please see SFIG's Key Policymaker Tracker for a current list of key nominees in the executive branch.

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