US President Donald Trump names Jerome Powell as chairman of Federal Reserve


US President Donald Trump made it official on Thursday that he will be nominating the Federal Reserve Governor Jerome Powell to lead as the chairman of the central bank, the world’s most powerful bank.

US President Donald Trump has appointed Jerome Powell as the next chairman of the Federal Reserve. Jerome Powell will be replacing Janet Yellen, the first and only woman to ever head the country’s central bank.

According to a Bloomberg News analysis, Jerome Powell’s personal wealth is estimated to be worth more than $112.3m, which makes him the wealthiest Federal Reserve chairman ever.

Some media houses in India and some intellectual’s were of the view that Raghu Ram Rajan could be the next time head of the mighty US Federal Reserve Bank. However, all doubt’s were cleared on thursday when trump made it very clear that Powell would begin serving in February, replacing Janet L. Yellen.

Here’s the offical Tweet

 

 

“He is proven to be a consensus builder for the sound, monetary and financial policy that he so strongly believes in,” Trump said.

“Jay has earned the respect and admiration of his colleagues for his hard work, expertise and sound judgment,” Trump said during Thursday’s announcement in the White House Rose Garden.

“Based on his record, I am confident that he has the wisdom and leadership to guide our economy through any challenges that our great economy may face.” Trump added.

“Given the Fed’s role in implementing the post-crisis rules for Wall Street, I hope Mr. Powell won’t have the same amnesia that plagues the rest of the Administration,” Brown said. “Many Ohioans are still paying the price for the financial recklessness that the Fed ignored a decade ago.”

“In the years since the global financial crisis ended, our economy has made substantial progress towards full recovery. By many measures, we are close to full employment, inflation has gradually moved up toward our target,” Trump added.

Jay’s long and distinguished career has been marked by dedicated public service and seriousness of purpose,” Yellen said. “I am confident in his deep commitment to carrying out the vital public mission of the Federal Reserve.”

Chaahat Sharma

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