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Powell Confirmed by Senate as Next Fed Chair
The Senate voted 84-13 to confirm Jerome Powell as the next Federal Reserve chairman. Powell will take over from Janet Yellen, the Fed’s first woman leader, when her term ends Feb. 3.
Powell’s appointment to lead the nation’s central bank, comes after the lawyer and investment manager served for 5½ years on the Fed’s board. The 64-year-old will be the first Fed leader in 40 years without an advanced economics degree, though he is expected to follow the cautious approach to interest rates that Yellen established.
President Trump and many Republicans in Congress believe financial institutions are being burdened with too strict financial regulations, and that’s holding back economic growth. Powell has indicated that he would seek ways to make bank regulations less challenging, especially for smaller community banks.
Powell is viewed as a centrist, and his confirmation to the most powerful economic position in government received support from Republicans and Democrats.
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