Jerome Powell takes oath as sixteenth president of the Fed

07 February, 2018, 01:41 | Author: Celia Hoffman
  • Dow Jones falls the most in a day since 2008 financial crisis triggers losses in Asian markets

The new Fed head faces an immediate challenge from the wobbly market, as US stocks opened sharply lower Monday after a heavy sell-off Friday. While Yellen saw mostly low rates and inflation, Powell takes office as bond yields and inflation are rising.

Janet Yellen may have been replaced as Federal Reserve Chair, but she's not joining the ranks of the unemployed.

Some of Powell's comments on Tuesday, after he was approved by the Senate, indicate he may be somewhat looser on bank regulation than his predecessor, matching campaign promises the president made to voters in 2016, which focused heavily on deregulation as a means to create growth in the U.S. economy. The Commission raised the base interest rate by a quarter of a point five times under the management of Yellen.

Powell also said that the "financial system is now far stronger and more resilient than it was before the financial crisis". Her final act at the agency, imposing a consent order on Wells Fargo for its phony-accounts scandal, dealt a huge blow to the bank.

Yellen is leaving after one term as Fed chair.

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"If the Fed raises (the) rate sufficiently to assure financial stability, there is the risk that the economy will slow too much".

He studied politics at Princeton University, before earning a law degree from Georgetown University.

"We want regulations to be the most intense and most stringent for the very largest, most complex institutions and decrease in intensity, stringency as we move down" to regional and community banks, Powell said in the hearing, before the Senate Banking Committee.

He was a partner at the investment firm Carlyle Group from 1997 through 2005.

The 65-year-old Powell inherits Janet Yellen, who left the Fed after a four-year term.

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