Stock Groups

Fed Chair Powell to become ‘pro tempore’ as he awaits Senate action -Breaking


© Reuters. FILEPHOTO: Jerome Powell, the Chairman of U.S. Federal Reserve Board, addresses Senator Banking, Housing and Urban Affairs Committee, Capitol Hill, Washington, U.S.A, on January 11, 2022. Brendan Smialowski/Pool via REUTERS

(Reuters) – Jerome Powell is set to assume the role of interim Federal Reserve Chair on Saturday. It will ensure continuity in U.S. central banking leadership while Joe Biden’s renomination awaits Senate action.

The Federal Reserve Board named Jerome H. Powell Chair Pro Tempore on Friday, while Senate confirmation is made to the second term of the Board of Governors,” the Fed stated in a Friday statement. He can continue as the Chair of the Board after the expiration date on his current term, which was February 5. The confirmation process is ongoing.

The February 15th Senate Banking committee will vote on Powell’s nomination and the four Fed nominees. The nominations will be considered by the entire Senate at some time afterward.

In 1996, the Senate approved a new term for Fed chairs. Alan Greenspan, Fed chair pro-tempore, served from March 3, through June 20, 1996.

On February 5, 2018, Powell started his four-year term at the Fed Chair. Biden declared his intention to renounce office in November. Members of both the Senate Banking Committee from each side announced their support for Powell’s fourth-year term as Fed chair on January 5, 2018.

Powell is still in charge of the monetary policy. According to the Fed, Powell was also named its head at its January meeting.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are provided by market makers and are therefore not necessarily accurate. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for loss or damages resulting from reliance on data including charts, buy/sell signals, and quotes. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.