HEADLINE US Senate panel approves Powell nomination for Fed chair

HEADLINE

US Senate panel approves Powell nomination for Fed chair

By Wu Lejun | People's Daily app

02:16, December 06, 2017

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Jerome Powell

Washington (People’s Daily) - US Senate Banking Committee approved Jerome Powell’s nomination as the new chair of the Federal Reserve on December 5, 2017. 

Powell received a near-unanimous bipartisan approval vote of 22-1.

Powell was appointed to the Fed’s board of governors by former US President Barack Obama in 2012.

Senator Elizabeth Warren (D-Mass.) was the only holdout and explained, “I’m very concerned that the Fed will systematically rollback post-crisis rules under Gov. Powell’s leadership.”

Powell replaces Janet Yellen who recently announced she was stepping down from the 14-year role.

Full Senate approval is required for final confirmation and is expected in a few weeks.


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