US Senate panel votes again to approve Jerome Powell as next Fed chairman

By: | Published: January 18, 2018 8:13 AM

The US Senate Banking Committee has voted again to approve President Donald Trump's nomination of Jerome Powell as the next chairman of the Federal Reserve.

Federal Reserve Governor Jerome Powell delivers remarks during a conference at the Brookings Institution in WashingtonFederal Reserve Governor Jerome Powell (Reuters)

The US Senate Banking Committee has voted again to approve President Donald Trump’s nomination of Jerome Powell as the next chairman of the Federal Reserve. The panel had approved Powell’s nomination last month but had to vote again on Wednesday because the White House resubmitted it to this session of Congress this month after the nomination expired at the end of 2017, Xinhua news agency reported.

The nomination now heads to the full Senate for a final vote. Powell, who has been a member of the Fed’s Board of Governors since 2012, was nominated by Trump in November to succeed current Fed chair Janet Yellen, whose term expires on February 3.

At his confirmation hearing in Congress, Powell said that he would support the central bank to gradually tighten monetary policy, while easing regulatory burdens on some financial institutions. The Senate panel also voted to approve the nomination of Randal Quarles as Fed vice chairman for supervision to serve a full 14-year term on the Fed board. Quarles, an investment-fund manager and former US Treasury official, was confirmed last year to fill an unexpired term that ends January 31.

The Fed is expected to leave its benchmark interest rates unchanged at its next policy meeting on January 30-31. The central bank last month estimated it would raise interest rates three times in 2018 if the US economy performs as Fed officials expected.

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