Yellen Out as Fed Chair, Trump Nominates Jerome Powell as Replacement

By:
Chris Gaetano
Published Date:
Nov 3, 2017
By Federalreserve - GP_IF_111414_1705, Public Domain

Donald Trump has declined to re-nominate current chair of the Federal Reserve Janet Yellen, deciding instead to nominate Federal Reserve Governor Jerome Powell as a replacement, according to CNN Money. Powell, according to his bio on the Federal Reserve website, has been a member of the Board of Governors of the Federal Reserve System since 2012, when he was first appointed to fill an unexpired term before being officially sworn in two years later. He had previously served as an Assistant Secretary and Undersecretary of Treasury under President George H.W. Bush, where he developed policy on financial institutions, the Treasury debt market, and other related areas. Prior to that, he had worked as a lawyer and investment banker in New York City. 

The New York Times noted that he has supported every Fed policy decision since his appointment, including four interest rate increases. He was described by the Times as a moderate Republican who preferred voicing concerns in private. While his positions on monetary policy are extremely similar to those of Janet Yellen, a survey of finance professionals predicts he would be slightly more aggressive on raising rates. 

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