Powell Sworn In As New Fed Chief


Jerome Powell was sworn in Monday as the 16th chairman of the Federal Reserve in a brief ceremony in the Fed's board room.

People who have worked with Powell say he studied economics assiduously after joining the Fed, gathering stacks of papers on the questions of the day, then reading and discussing the findings with colleagues. She had submitted her resignation from the board of governors of the Federal Reserve in November after Trump, in a break with tradition, did not reappoint her. Trump instead nominated current Federal Reserve Governor Jerome Powell to take over as head of the central bank. The Fed is expected to continue gradually raising interest rates back toward more "normal" levels.

With the economy improving steadily, the Fed will likely raise rates three times in 2018, as projected under Yellen.

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Powell, born in 1953 in Washington, D.C., also serves as chairman of the Federal Open Market Committee, the system's principal monetary policymaking body.

Yellen, 71, could have chosen to remain a governor, since she was appointed to the board by President Barack Obama for an unexpired term ending in 2024. He was reappointed to the board and sworn in on June 16, 2014 for a term to end on January 31, 2028. He brings a background in financial markets, a contrast with Ms Yellen and her predecessor, Ben S. Bernanke.

He received a bachelor degree in politics from Princeton University and a law degree from Georgetown University.