US president Donald Trump has chosen Jerome Powell as future chief of Federal Reserve (Fed). The 64-year-old Powell has been a member of bank’s board since 2012.
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The term of office of reigning chief Janet Yellen, who was first woman to lead central bank, ends in February. Trump himself had previously made insinuations that he had taken Powell, Yellen and Stanford economist John Taylor into shortlist for office.
Powell is seen as a solid choice among observers. He was bestensgeeignet, committed and wise for leadership, Trump said. “There are few positions that are more important than this,” stressed president. Powell showed that he was a man of consensus that could lead economy through all challenges.
Powell enjoys reputation of a consensus-oriented moderate who thoroughly weighs his decisions and chooses his words carefully. Companions describe jurists as a quiet, balancing man with good manners. The Washington Post called it “annoying normal”.
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Unlike Janet Yellen, however, he is told a certain proximity to Republicans. Powell had already worked for government of George W. Bush. In principle, however, nominee is economically representing Yellen line. Experts refore expect a continuous development of current US monetary policy in case of its election. The Senate still has to confirm Powell for office.
The US Federal Reserve can influence on instruments interest and money supply economic developments and decisions around world. The US dollar’s foreign value, in which many countries have been in debt, is also largely dependent on Fed’s policy. Foreign exchange rates are also an important factor in international trade flows. As chief of Fed, Powell would be one of world’s most influential economic players.
Previously, Powell had already put a successful career in financial world. As a business lawyer, he worked for U.S. Treasury Department under President George H. W. Bush in 1990s. He later earned millions as an investment banker.
If he received necessary approval from Senate, Powell would have been first Fed chairman for decades without a degree in economics.
