U.s. Senate confirms Powell as Fed chairman

The U.s. Senate has Tuesday the nomination of Jerome Powell as the new chairman of the Federal Reserve confirmed with 85 votes against 12. The 64-year-old Powell follows Janet Yellen, who since 2014 the head of the central bank. Its mandate expires on 3 February.

President Trump had Jerome ‘Jay’ Powell in november was appointed as the successor of Yellen. He also wore the preference of the minister of Finance, Steven Mnuchin. The as pragmatic known Powell was in 2012, Trumps predecessor, Barack Obama has already appointed as a director at the Fed.

Powell was the first chairman of the Fed since the end of the 70’s without a phd in economics. The sixties is a lawyer by training, but has a career as an investment banker leader. It is expected that he is the moderate policies of his predecessor – characterized by low interest rates – will continue.