New Fed Chair Vows Vigilance in Preserving Financial Stability

Chair of the Board of Governors of the Federal Reserve System ("FRB") Jerome H. Powell pledged to preserve the "essential" financial regulatory gains made since the financial crisis and to remain vigilant to risks to financial stability. In remarks delivered at his ceremonial swearing in, Mr. Powell emphasized the importance of transparency in the FRB, and vowed a commitment to fulfilling the goals of stable prices and maximum employment. He said that the FRB is "in the process of gradually normalizing both interest rate policy and [the Federal Reserve] balance sheet," with the intention of "extending the recovery."