Local

Senate Panel Approves Jerome Powell As Fed Chairman

The Senate Banking Committee on Tuesday approved President Donald Trump’s selection of Jerome Powell to be the next chairman of the Federal Reserve.

The committee vote was 22-1 with all Republicans and every Democrat except Sen. Elizabeth Warren, D-Mass., supporting the nomination.

The strong committee vote indicated Powell will have no trouble winning approval from the full Senate. That vote has not yet been scheduled.

Warren said she could not support Powell because of her concerns that he would join in efforts by the Trump administration to unravel the Dodd-Frank Act passed in 2010 to strengthen regulation of the nation’s banking sector.

“Governor Powell has made clear repeatedly that he believes the biggest problem in our financial rules is that they are too demanding,” Warren said before Tuesday’s vote. “An army of bank lobbyists and executives have managed to convince Governor Powell that financial rules are strangling the banks and need to be rolled back. There is no evidence to support this claim.”

Powell, who has been a member of the Fed’s board of governors since 2012, was tapped for the chairman’s job after Trump decided against nominating Fed Chair Janet Yellen for a second term. Trump said he wanted to put his own stamp on the central bank.

The White House announced last week that Trump would nominate Marvin Goodfriend, an economics professor at Carnegie Mellon University in Pittsburgh, to one of three vacant seats on the central bank.

With the nomination of Goodfriend, Trump will have nominated three people to positions on the seven-member Fed board. In addition to selecting Powell as chairman, Trump earlier this year tapped Utah financier Randal Quarles for the position of vice chairman for supervision, a spot where he is expected to play a key role in Trump’s efforts to loosen regulations on the financial sector.

There are two more vacancies for Trump to fill currently and when Yellen’s term ends on Feb. 3, Trump will have three spots to fill.

There have been reports that Trump is considering nominating Mohamed El-Erian, an economist who has served as chief executive of Pacific Investment Management Co., or PIMCO, to serve as vice chairman, replacing Stanley Fischer, who left the board in October.

Another name that has been mentioned is Michelle Bowman, the top banking regulator in Kansas, who could fill the spot on the Fed board reserved for a community banker.

(AP)

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Local

More in Local

07fdd4f8db7397cecf7dffd59fd00d6a.jpg

Bangladesh Questions Family Of Man Accused Of NYC Attack

adminDecember 13, 2017
650d13b5828839e5ca4580f1f9e5836c.jpg

NYPD In Brooklyn Returns Stolen Tefillin December 12, 2017 4:00 pm0 Share on Facebo

adminDecember 13, 2017
991e71c823527195ee934fdbee3ab275.jpg

PM Netanyahu Meets French President Macron In Paris Following Trump’s Jerusalem

adminDecember 11, 2017
532475b70fc2f2d4ee91301d4663c152.jpg

Turkey’s Erdogan Says Israel Is A ‘Terrorist, Child Murdering Country;’ Netanyahu Fires Back

adminDecember 11, 2017
f480bfa8a422cd39e8fb08227c063921.jpg

BOTCHED ISIS TERROR IN MANHATTAN: Explosion At Port Authority Bus Terminal Injures 3

adminDecember 11, 2017
def926b7f769472110eca8a61002f7b6.jpg

THE JEW-HATER TRAVELS TO MONSEY: Holds Sign That Reads ‘Stop Multiplying’

adminDecember 7, 2017
89b121067acc48a2eb40b384e14df42a.jpg

6 Injured After Car Accident And Pedestrian Struck In Lower Manhattan

adminDecember 7, 2017
7147dc22286439f436acb32e382a2e3e.jpg

Largest Wildfire Eyes Communities Northwest Of Los Angeles

adminDecember 7, 2017
d9cd80d17ca361b7b71eb092fac9b513.jpg

UN Security Council To Convene On Friday Following US Declaration, Palestinians Demand Action

adminDecember 7, 2017