Description: Powell is an establishment Republican who supports the president's dergulatory agenda and takes a dovish position on monetary policy.
Keywords: Federal Reserve, Jerome Powell,Big Government, Economics,Jerome Powell
Date: 2017-11-01T15:37:41-07:00

SIGN UP FOR THE BREITBART EMAIL NEWSLETTER

# Trump Will Tap Jerome Powell to Run Federal Reserve

The Associated Press/ John Locher

by John Carney 1 Nov 2017 0

1 Nov, 2017 1 Nov, 2017

## President Trump is expected to name Jerome H. Powell as the next chairman of the Federal Reserve.

The White House has notified Powell, who is currently a Fed governor, that Trump intends to nominate him as the next chairman, the Wall Street Journal reported. If confirmed by the Senate, Powell will replace Janet Yellen when her four-year term expires early next year.

advertisement

Powell was one of five finalists for the position, along with former Fed Governor Kevin Warsh, National Economic Council Director Gary Cohn, Stanford economist John Taylor and Yellen herself.

Powell is considered an inflation dove, someone likely to continue the policy path of slow and cautious monetary tightening set out by Yellen. During his time at the Fed, Powell has been a reliable supporter of Yellen’s approach. Trump described Yellen as an “excellent” Fed chair Tuesday and has said he favors an easier monetary policy.

He has, however, been a critic of the Fed’s stringent regulations on financial institutions, particularly as they apply to community and regional banks. In this, his views are much closer to Trump’s deregulatory agenda, views shared by many lawmakers on Capitol Hill. Powell has said that the Fed should consider easing back on the Volcker Rule, which limits bets banks can make with their own money, for example. He has also said that the Fed should reconsider its stress tests.

Powell is a lawyer and former investment banker. He served as Treasury undersecretary in the George H.W. Bush administration and was a partner in the politically connected private equity firm the Carlyle Group. He would be the first Fed chairman in decades not to have a Ph.D in economics.

In selecting Powell, Trump is choosing someone with deep connections to Washington’s Republican establishment. While that may seem out of keeping with Trump’s populist and anti-establishment campaign, in some ways Powell’s combination of dovish views on monetary policy and support for deregulatory reform made him the most fitting of the contenders for the job.

Taylor’s reputation as a hawk, who would have the Fed follow strict rules when setting interest rates, may have been seen by the White House as potentially hurting the president’s ability to drive economic growth to three or four percent a year. Warsh’s views supporting trade deals that Trump opposed also created the potential for conflict with the president’s policies.

Yellen and Cohn were seen by many of Trump’s supporters as inappropriate choices. Yellen was appointed to head the Fed by Barack Obama and was frequently a target of Trump’s on the campaign trail. Cohn was a lifelong Democrat and second-in-charge of Goldman Sachs before joining the administration, earning him the nickname “Globalist Gary.” Trump, at one point, leaned toward appointing Cohn but was alienated when Cohn criticized the president’s remarks about the violence in Charlottesville.

P.S. DO YOU WANT MORE ARTICLES
LIKE THIS ONE DELIVERED RIGHT TO YOUR INBOX?
SIGN UP FOR THE DAILY BREITBART NEWSLETTER.

Comment count on this article reflects comments made on Breitbart.com and Facebook. Visit Breitbart's Facebook Page.

BREITBART CONNECT

## MOST POPULAR

- Barack Obama: Breitbart News Shifted Entire Media Narrative During 2016 Election 0 comments - 4 hours ago
- Report: Trump Privately Blames Jared Kushner for Mueller’s Indictments 0 comments - 16 hours ago
- Report: Multiple Wounded in Downtown NYC After Driver Shoots Pedestrians from Car 0 comments - 2 days ago
- Donald Trump Calls for Immediate End to ‘Diversity Visa’ Program That Admitted New York Terror Suspect to U.S. 0 comments - 20 hours ago
- Report: NYC Foreign Terror Suspect Entered U.S. with ‘Diversity Visa’ Trump Wants to End 0 comments - 2 days ago
- GOP Tax Bill: Live Analysis 0 comments - 2 hours ago
- Donald Trump Vows to ‘Get Much Tougher’ on Immigration Visas After Terrorist Attack in New York 0 comments - 1 day ago
- Plan to Ax ‘Diversity Visa’ Used by NYC Terror Suspect Has Been Sitting in GOP-Led Congress for Months 0 comments - 1 day ago
- Establishment Crumbling: Poll Shows Mitch McConnell, Senate Allies’ Approval Ratings in Free Fall 0 comments - 1 day ago
- Paul Manafort Surrenders to Federal Authorities 0 comments - 3 days ago

Russia, Russia, Russia
Podcast with guest Dick Delingpole
Democrats Ignore Fact That Guns Save Lives

## FROM THE HOMEPAGE

- Bannon Celebrates Second Anniversary of Breitbart News Daily: Engaged and Informed Audience Defied the Experts to Make Donald Trump President
  Comments
- Republican Tax Plan Cuts Middle Class and Corporate Taxes, Leaves Retirement Savings Safe
  Comments
- Donna Brazile: Team Clinton Controlled DNC in 2015 Before Winning Primary
  Comments
- Disney Targeted In Lawsuit: Actress Seeks $4 Million Over Alleged Weinstein Assaults
  Comments
- Donald Trump: New York City Terror Suspect ‘Point of Contact’ for 23 Additional Immigrants
  Comments
- Poll: Majority of Americans Want ‘Diversity Visa’ Used by NYC Terror Suspect to Be Eliminated
  Comments
- Tom Cotton: NYC Terror Attack ‘Entirely Preventable’ if Not for Diversity Visa Lottery Program
  Comments
- Virginia Democrat Campaigning for Northam: Republicans Are ‘Evil’
  Comments
- Bitcoin Soars Above $7,000 for First Time
  Comments
- Watch: Astros’ Carlos Correa Proposes to Girlfriend After World Series Win
  Comments
- ‘Islamophobic’ Jury Didn’t Have Enough Muslims, Says Convicted Rapist
  Comments
- Berlin Police Instructor Claims Muslim Recruits ‘Enemy in Our Ranks’ in Leaked Recording
  Comments

SIGN UP FOR THE OFFICIAL
BREITBART EMAIL NEWSLETTER

GET TODAY'S TOP NEWS DELIVERED RIGHT TO YOUR INBOX

I don't want to get today's top news.

x

SIGN UP FOR THE
BREITBART EMAIL NEWSLETTER

x