Senate approved the candidacy of Powell for the post of head of the Federal Reserve

The US Senate Banking Committee has called for the appointment of Jerome Powell as the new chairman of the Federal Reserve System (FRS), Bloomberg reports.

The only member of the committee that voted against was the representative of the Democratic Party Elizabeth Warren. In her opinion, J. Powell may try to abolish a number of provisions in the sphere of banking regulation introduced after the last financial crisis.

Candidacy J. Powell, now part of the board of governors of the Fed , put forward in November, US President Donald Trump. He will head the central bank in February, when the term of office of Janet Yellen expires.

It is expected that J. Powell, who in recent years was an ally of J. Yellen in determining the course of monetary policy, will continue the policy of cautious lifting of incentive measures, that is, it will slowly raise the interest rate and reduce the Fed’s balance.

64-year-old J. Powell is considered a centrist in matters of monetary policy, a pragmatist, he is not a supporter of radical changes in the work of the US Central Bank.

J. Powell is a Republican. A lawyer by training, he worked first in one of New York law firms, at Dillon Bank, Read & Co., then in the Finance Ministry, at the investment bank Carlyle Group, in 2012 he was appointed to the board of directors of the Fed.