Jerome H. Powell, nominee to become Chair of the Board of Governors of the Federal Reserve System ("FRB"), testified before the U.S. Senate Banking Committee. Mr. Powell was nominated by President Donald J. Trump on November 2, 2017. He has been an FRB Governor since 2012, and previously served as Assistant Secretary and Undersecretary of the Treasury under President George H.W. Bush.
In testimony before the Committee, Mr. Powell stated that he "will do everything in his power" to fulfill the FRB goals of maximum employment and price stability. He asserted a firm commitment to transparency and accountability, and vowed to take into account diverse perspectives on monetary policy. If confirmed, Mr. Powell declared, he will seek to facilitate continued economic progress while maintaining the flexibility necessary to make adjustments to unexpected developments. The FRB, Mr. Powell said, will seek to appropriately tailor regulations to the size and risk profiles of banks. He emphasized the need to ease regulatory burdens while maintaining strong levels of capital liquidity, stress testing and resolution planning.
If confirmed by the full Senate, Mr. Powell will replace Janet Yellen as FRB Chair. After President Trump nominated Mr. Powell, Ms. Yellen submitted her resignation (effective on February 3, 2018).
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