The US Senate has approved a new Fed head: what is known about him
Photo by wikipedia.org
The Senate of the US Congress approved the candidature of Jerome Powell for the post of new chairman of the board of governors of the Federal Reserve System by a majority of votes.
Senators supported 84 by a vote nominated by US President Donald Trump. Only 13 senators voted against. The decision was made on an expedited procedure without a debate, writes DW.
Candidate 64-year-old Powell put forward by US President Donald Trump.
Powell's nomination became known on November 2 - the American president announced this during a speech at the White House. According to Trump, Powell is the best suited for this leadership position, he is proactive and smart. Despite the American president's decision to nominate him, he is considered a compromise candidate that suits both Republicans and Democrats.
Powell himself has previously said he will work to ensure the Fed remains “close and ready to respond to changes” in the market. He also noted that the US economy has made "significant progress" since the 2008 financial crisis, and the financial system has become much stronger.
Investment banker Powell will replace Janet Yellen, whose term will expire on February 3. Powell is expected to continue the policy of his predecessor, under whose leadership the US economy and markets have been stable in recent years. Investment banker and lawyer Powell has been working for Yellen’s team for several years and supports her decision.
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