President Trump Nominates New Fed Chair

President Donald J. Trump nominated Jerome H. Powell to be the next Chair of the Federal Reserve System. Pending Senate confirmation, Mr. Powell – a current member of the Board of Governors of the Federal Reserve System (“FRB”) – will replace current Chair Janet Yellen when her term expires in February 2018. Mr. Powell vowed to use his position to pursue the FRB goal of “stable prices and maximum employment.”

Mr. Powell has been an FRB Governor since 2012. He also served as Assistant Secretary and Undersecretary of the Treasury under President George H.W. Bush, and was a visiting scholar at the Bipartisan Policy Center in Washington, D.C.

Chair Yellen has served in her position since February 2014.

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