The White House confirmed earlier that on Thursday the new Federal Reserve Chair will be announced. The strong mail is that President Trump will nominate Jerome H. Powell.
The White House confirmed earlier that on Thursday the new Federal Reserve Chair will be announced. The strong mail is that President Trump will nominate Jerome H. Powell.
Upon nomination Powell is presented to the senate and if confirmed by the Senate he would begin serving as chair in February, replacing Janet L. Yellen.
What Chair Jerome Powell Brings
- Considered safe to maintain the status quo
- Supportive of Yellen’s policy of slowly raising interest rates
- Republican
- Fed governor since 2012n nominated by President Barack Obama
- Experienced on Wall Street and in Washington.
- Served as undersecretary of the U.S. Treasury Department for former president George H.W. Bush.
- A partner at private equity firm The Carlyle Group, where he left with an estimated $20 million to $55 million
- Worked at Bipartisan Policy Center after he left Carlyle
- Graduated with a law degree from Georgetown
From The Traders Community Research Desk