Jerome Powell to take over Janet Yellen as Fed's chairman

IOC likes Calgary's legacy including Saddledome for 2026 bid city director

"My hope is that Jerome Powell will be less of an activist with an ideology and recognize the Federal Reserve is as a regulator clearly subject to the authority of Congress", Davidson said. He is widely seen as a safe pair of hands and someone who backs low interest rates, though some fear he could face interference.

US Senate on Tuesday confirmed Jerome Powell as the next chairman of the Federal Reserve.

Among the candidates President Trump was considering, Mr Powell, a 64-year-old lawyer, was seen as a safe choice who would provide continuity for existing United States monetary policy, and not rattle markets. The bank would need to minimise unemployment while managing inflation. She was joined by eight other Democrats and four Republicans including Sens.

"On the bank regulatory front, Powell has been supportive of the Dodd-Frank reforms, though in recent remarks he has suggested there may be room for some streamlining".

"'If the economy performs about as expected, I would view it as appropriate to continue to gradually raise rates, ' Powell said in a speech before the Economic Club of NY earlier this year".

Powell, president Trump's nominee, will become the 16th chairman of the Federal Reserve with a vote of (84-13).

Powell acknowledged that "low-for-long interest rates can have adverse effects on financial institutions and markets", in a speech last January.

Central bankers also penciled in plans to raise rates three more times in 2018, and then twice in 2019.

Trump will be able to essentially remake the Fed's board during his 1st 2 years in office.

Powell has indicated he will follow the central bank's current stance of gradually raising interest rates in line with economic expansion.

Powell is also tasked with overseeing the bank's efforts to regulate the financial sector, working to implement and enforcement numerous rules aimed at warding off another financial crisis.

The potential for financial deregulation advocated by the Trump administration prompted the most pointed opposition to Powell, a former executive at the Carlyle Group private equity firm whose credentials as Fed chair are rooted in his understanding of markets.

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