In this position, he was replaced by Janet Yellen
65-year-old Powell became the 16th head of the Central Bank of the United States. Immediately after the oath, he promised to support the growth of the economy and price stability, while stressing a commitment to improving communication with the public.
“I want to emphasize its commitment to the explanation of what we do and why we do it,” said Jerome Powell in a video released by the message.
Sworn Jerome Powell brought his longtime friend and Randall Quarles – Deputy Chairman of the Federal reserve system.
> we recall that the candidacy of Jerome Powell in November 2017 was launched by US President Donald trump. Trump has expressed hope that the 64-year-old member of the Board of governors will be approved by the Senate.
The Senate Committee on banking, housing and urban Affairs held hearings with the participation of Jerome Powell. Speaking before the senators, he promised that in his new post will “strongly react” to economic threats.
“We must maintain the flexibility to adjust our policies in response to economic events,” said Powell.
At the hearing, Powell has generally presented itself as a supporter of the policy, which previously conducted its predecessors, Janet Yellen and Ben Bernanke.