Senate Confirms Powell for Federal Reserve Chair

Washington, MINA – In an 85 to 12 vote, the Senate confirmed Jerome Powell to be the next chair of the Federal Reserve on Tuesday.

Powell, nominated by President Donald Trump, has been on the Federal Reserve Board of Governors since 2012 when he was appointed by former president Barack Obama, according to KUNA.

Powell will serve a 4-year term beginning in February and will replace Janet Yellen. Unlike the other candidates Trump considered, Powell is expected to continue many of Yellen’s policies.

Powell was previously a former executive at the Carlyle Group, an investment firm.

He also worked at the Treasury Department under President George H. W. Bush and at the Bipartisan Policy Center, a think tank. (T/RS5/RS1)

Mi’raj Islamic News Agency (MINA)