November 01, 2017

Trump to nominate Powell as Fed chair today

President Donald Trump is expected today to nominate current Federal Reserve Board Gov. Jerome Powell to serve as the next Federal Reserve Board chair, according to multiple news outlets.

If confirmed by the Senate, Powell will serve a four-year term as chair of the Federal Reserve Board. Current Fed Chair Janet Yellen's term ends on Feb. 3.

A Bloomberg article highlights Powell's "reputation as a non-ideological and pragmatic policy maker. While he hasn't played a prominent public role in formulating and explaining monetary policy, he has generally backed Yellen's cautious approach to withdrawing stimulus."

The NAFCU Board of Directors met with Powell at Federal Reserve headquarters in Washington in 2014 and 2015 to present its annual Report on Credit Unions, which details the latest issues affecting credit unions and the impact the Fed's actions have on the industry.