Senate Approves Powell to Follow Yellen as Fed Chair - NECN
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Senate Approves Powell to Follow Yellen as Fed Chair

Jerome Powell was nominated by President Donald Trump in November

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    Jerome Powell testifies during his confirmation hearing before the Senate Banking, Housing and Urban Affairs Committee on Nov. 28, 2017, on Capitol Hill in Washington, DC.

    Jerome Powell will take the helm as the 16th chairman of the Federal Reserve, after the Senate confirmed him for the position Tuesday, CNBC reported.

    Powell was nominated by President Donald Trump in November.

    He comes to the position amid a critical time for the Fed, which is normalizing policy after years of extraordinary accommodation triggered by the financial crisis.

    He likely won't officially assume his duties until Janet Yellen's term expires in February.

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    (Published Tuesday, Aug. 14, 2018)