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Powell takes charge as Fed’s chairman of the Board of Governors

Joe Mont | February 6, 2018

On Feb. 5, Jerome H. Powell took the oath of office as Chairman of the Board of Governors of the Federal Reserve System, succeeding Janet L. Yellen. The oath was administered by Vice Chairman Randal Quarles.

President Trump announced his intention to nominate Powell on Nov. 2, 2017, and the Senate confirmed him on Jan. 23 following a hearing by the Senate Committee on Banking, Housing and Urban Affairs. Prior to his confirmation, Powell served as a member of the Board of Governors. His term as Chairman is four years; his term as a member of the Board ends Jan. 31, 2028.

“As I begin my term, I want to stress my commitment to explaining what we’re doing and why we are doing it,” Powell said in prepared remarks. “Congress has assigned the Federal Reserve several important jobs. We are tasked with achieving stable prices and maximum employment. We also supervise financial institutions, including our largest banks. We play a key role in ensuring the stability of our...

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