Federal Government Policy and Business

Senate Confirms Jerome Powell As New Federal Reserve Chair

NPR: The Senate approved President Trump's nominee, current Federal Reserve Board Governor Jerome Powell, as the new head of the nation's central bank on Tuesday. The confirmation came in a vote of 84-13, an unsurprising action given Powell's support among Republicans and Democrats alike who expect that he will follow the policies of the outgoing Chair Janet Yellen. Yellen was the first woman to head the Fed. Trump had the option of appointing her to a second term, but instead chose the 64-year-old, Princeton-trained former investment banker who was originally appointed to the Fed board 5 ½ years ago by then-President Barack Obama. As NPR's John Ydstie reported last November when Trump tapped Powell, it was "the first time in decades that a president hasn't reappointed a chief of the central bank for a second term." "As a Fed governor, Powell has supported the policies of the Yellen Fed, which has only gradually raised official interest rates after leaving them near zero for seven years after the financial crisis.

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