Jerome Powell Confirmed by Senate as Federal Reserve Chair
(WASHINGTON) — The Senate has approved President Donald Trump’s selection of Jerome Powell to be the next chairman of the Federal Reserve beginning next month.
During the presidential race   Trump  was critical of the role the Fed played in implementing the Dodd-Frank Act  the 2010 law that tightened banking regulations after the 2008 financial crisis.  Trump  and many Republicans in Congress contended that the stricter regulations were too burdensome for financial institutions and were a key reason why economic growth since the Great Recession ended in 2009 had been lackluster.
 Trump  will be able to essentially remake the Fed’s board during  his  first two years in office.  He  has already filled the key post of vice chairman for regulation with Randal Quarles. The president has also nominated Marvin Goodfriend  a conservative economist  for another vacancy on the board.
In addition   he  can fill three more vacancies on the seven-member board  including the key spot of Fed vice chairman  which has been vacant since Stanley Fischer left in October.
All told  the vacancies will have given  Trump  the ability to fill six of the seven board positions with  his  own choices. Lael Brainard will remain the lone board member not to have been chosen by  Trump .
(WASHINGTON) — The Senate has approved President [TGT]’s selection of Jerome Powell to be the next chairman of the Federal Reserve beginning next month.
During the presidential race   Trump  was critical of the role the Fed played in implementing the Dodd-Frank Act  the 2010 law that tightened banking regulations after the 2008 financial crisis.  Trump  and many Republicans in Congress contended that the stricter regulations were too burdensome for financial institutions and were a key reason why economic growth since the Great Recession ended in 2009 had been lackluster.
 Trump  will be able to essentially remake the Fed’s board during  his  first two years in office.  He  has already filled the key post of vice chairman for regulation with Randal Quarles. The president has also nominated Marvin Goodfriend  a conservative economist  for another vacancy on the board.
In addition   he  can fill three more vacancies on the seven-member board  including the key spot of Fed vice chairman  which has been vacant since Stanley Fischer left in October.
All told  the vacancies will have given  Trump  the ability to fill six of the seven board positions with  his  own choices. Lael Brainard will remain the lone board member not to have been chosen by  Trump .