The U.S. Senate Banking Committee (the "Committee") voted to approve the nomination of Jerome Powell to serve as Chair of the Board of Governors of the Federal Reserve System.
Mr. Powell was nominated by President Donald J. Trump on November 2, 2017. He testified before the Committee on November 28, 2017. Senator Elizabeth Warren (D-MA) was the lone Committee member to vote against Mr. Powell.
Mr. Powell's nomination will now advance to the full Senate for a confirmation vote. If confirmed, he will succeed Janet Yellen, whose term concludes on February 3, 2018.
Jerome H. Powell, nominee to become Chair of the Board of Governors of the Federal Reserve System, testified before the U.S. Senate Banking Committee.
President Donald J. Trump nominated Jerome H. Powell to be the next Chair of the Federal Reserve System.
Federal Reserve Board Chair Janet L. Yellen submitted her resignation as a Member of the Board of Governors of the Federal Reserve System, effective on February 3, 2018.