Trump Pick To Head US Federal Reserve Jay Powell Confirmed By Senate

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Shortly after the final tally was called, Democratic Sen.

But while the immediate horizon appears clear, Powell faces the risk that today's sturdy economy, low inflation and rising stock market could reverse course in the coming months or years, forcing him to come up with the right remedies.

The upper chamber approved the nomination in a 84-13 vote. Marco Rubio, Ted Cruz, Mike Lee and Rand Paul, who objected to his nomination.

Elizabeth Warren, D-Mass., said Powell would move to dismantle some of the new authorities given to the Fed under the Dodd-Frank Act, the 2010 banking law signed by President Barack Obama.

Powell will take the helm of the central bank when Janet Yellen's term ends on February 3.

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"'If the economy performs about as expected, I would view it as appropriate to continue to gradually raise rates, ' Powell said in a speech before the Economic Club of NY earlier this year". He will have a four-year term. "The Committee has been patient in raising rates, and that patience has paid dividends". There were five alone interest rate increases in December.

Central bankers also penciled in plans to raise rates three more times in 2018, and then twice in 2019. Trump and many Republicans in Congress contended that the stricter regulations were too burdensome for financial institutions and were a key reason why economic growth since the Great Recession ended in 2009 had been lacklustre.

Trump will be able to essentially remake the Fed's board during his 1st 2 years in office. Its effect could be immediate on the economy, helping encourage businesses to invest and buy more equipment, while putting more money in Americans' wallets. The central bank also hinted at future rate hikes.

A Princeton University graduate, Powell was a lawyer in NY before he joined the investment bank Dillon Reed & Co.in 1984. He was a partner at the Washington-based private equity firm The Carlyle Group and he will be the first Fed chair in 40 years without an advanced degree in economics.

In addition to being a Democrat and the first female chief of the USA central bank, Yellen was also a defender of the regulations enacted following the financial crisis - putting her at odds with the current White House's deregulation agenda.

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