BANKING/FEDERAL RESERVE/NOMINATIONS/TRUMP AS PRESIDENT: “Federal Reserve governor Jerome Powell heads to Capitol Hill on Tuesday [11-28-17] for what could be one of the least contentious confirmation hearings for a Fed chair nominee since the financial crisis.
The Senate Banking Committee is considering Mr. Powell’s nomination to succeed Fed Chairwoman Janet Yellen when her term as chief expires in February.
For years after the crisis, committee Republicans questioned Ms. Yellen and other Obama administration Fed nominees, at times sharply, about the central bank’s unconventional efforts to stimulate the economy and its stricter regulation of the financial system.
But Mr. Powell, a Republican who served in the George H.W. Bush administration, is likely to face a relatively smooth path.
While some Republicans have expressed concerns about Mr. Powell’s support for Ms. Yellen’s policies, he was nominated by President Donald Trump —their party’s leader—and no committee member has signaled plans to oppose the pick.
Democrats, meanwhile, voted almost unanimously to confirm Mr. Powell in 2012 and 2014 when he was nominated to the Fed board by President Barack Obama. They also have defended the Fed from GOP criticism of its postcrisis policies under Ms. Yellen.”
-Kate Davidson and Ryan Tracy, “Fed Chairman Nominee Powell Likely Faces Smooth Path to Confirmation,” The Wall Street Journal online, Nov. 27, 2017 05:00am