Senate Banking Committee Approves Trump Federal Reserve Chair Nominee
Today, the Senate Banking Committee approved President Donald Trump’s selection to become the new chairman of the Federal Reserve.
Jerome Powell received the votes of every member of the committee except Senator Elizabeth Warren (D-MA), who said her belief that Powell would support efforts to undo the Dodd-Frank reforms made the nominee a non-starter.
Nonetheless, Powell’s 22-1 vote means his nomination will now proceed to a full Senate vote and he is widely anticipated to be easily approved to assume the chairmanship.
Senator Sherrod Brown (D-OH), the Senate Banking Committee’s top-ranking Democrat, responded to the committee vote, saying, “While I am disappointed that Chair Yellen was not renominated, I believe the nomination of Governor Powell provides our economy with the best change of continued economic growth.”
Powell has server on the Federal Reserve’s board of governors since 2012. Prior to his position on the board, Powell was a visiting scholar at the Bipartisan Policy Center and a managing partner of the Global Environment Fund. Earlier in his career, Powell served as Under Secretary of the Treasury.
President Trump has now nominated three candidates to serve on the Fed’s seven-member board, with Talking Points Memo noting that two vacancies currently remain, with a third vacancy looming on the horizon, pending the end of Janet Yellen’s term.
According to CNN Money, Powell, if confirmed by the full Senate, “would not only be the first former investment banker to head the Fed, but he’d also be the first individual who is not an economist to take the helm in more than 40 years.”
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