On November 2nd, at a press conference held in the pink garden of the White House, Donald Trump officially announced the appointment of Jerome Powell as Chairman of the US Federal Reserve. He’s 64 years old. Powell has been a member of the Board of Governors of the American Central Bank for the past five years. Under President George W. Bush, he was the U.S. Deputy Secretary of the Treasury. And before that, he was engaged in legal and investment activities. Its assets range from $21 million to $61 million.
According to experts, Trump chose this candidate because Powell supports the economic policy of the new White House administration. Besides, the markets will be calm about his appointment. Jerome Powell is a supporter of the monetary policy pursued by Janet Yellen. He has repeatedly stated that the interest rate should be raised gradually.
Jerome Powell’s appointment must now be approved by Congress. The Politico publication notes that there is no doubt about the approval of the congressmen of Powell’s candidacy. However, there are fears that in the future he will be dragged into “squabbles” between democrats and Republicans.