Trump is Expected to Name Jerome Powell as Next Fed Chairman
The
president is expected to replace Janet L. Yellen with Jerome H. Powell as the
next chairman of the Federal Reserve.
Yellen’s term expires early 2018, but the president is expected to announce
his replacement this week. Powell has
been a Republican Fed governor since 2012 who is a strong supporter of the
current approach to monetary policy and financial regulation, so he would
probably keep things the same. He is
seen as the “safe” choice for the role for Trump, while most of his
decision-making has been less than. But
by replacing Yellen, President Trump would be breaking a precedent that Fed
chairmen are nominated for second terms.
The president responded to that by saying he wants to leave his
mark. Nominating Powell might cause a
rift in his party; many conservatives favor another man for the job. In the past, Powell has supported the Fed’s
campaign that stimulates economic growth, and is expected to raise interests
rates like Yellen did. He also worked in
the Treasury Department under George H. W. Bush, for the Carlyle Group, at the
Bipartisan Policy Center as a fiscal policy expert, and was nominated for the
Fed by Obama in 2012.
The article
was written by Maggie Haberman and Binyamin Appelbaum on October 30, 2017. The information is up to date because it was
written today, but if it was written before, I would speculate its
credibility. I did not know that the
president was nominating a new chairman of the Federal Reserve, and I was
surprised to read it. The article was
written for people who follow D.C. and politics closely, but more people will
be affected when President Trump announces the new chairman. The article was written to prepare people
that Jerome Powell will probably be named the Fed chairman. The article is significant because the
president is making lots of decisions and we should know who is in charge of
major committees. The chairmen of the
Federal Reserve have only stepped down, no one has been removed, so there is no
way to relate it to other chairmen.
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