BANKING/FEDERAL RESERVE/NOMINATIONS/TRUMP AS PRESIDENT: “Jerome H. Powell, nominated by President Trump to lead the Federal Reserve, presented himself as a pragmatic moderate who would largely continue the Fed’s current policies at a confirmation hearing before the Senate Banking Committee on Tuesday [11-28-17].
Mr. Powell, a Fed governor since 2012, defended the Fed’s approach to financial regulation. He told Democrats that he saw no need for stronger rules, and he told Republicans that he did not favor rolling back the existing ones, though he did endorse easing the burden on smaller banks.
Mr. Powell also pledged to continue the Fed’s current approach to monetary policy, by gradually raising interest rates so long as economic growth remains healthy.
He stopped just short of confirming that the Fed intends to raise its benchmark interest rate in December, a move that is widely expected by financial investors…
President Trump nominated Mr. Powell in early November to succeed Ms. Yellen, whose four-year term as Fed chairwoman ends in early February. The position is subject to Senate confirmation.
Mr. Trump said he was replacing Ms. Yellen because he wanted to appoint his own chairman. Mr. Powell in his opening statement pledged to resist any political pressure.”
-Binyamin Appelbaum, “Federal Reserve Nominee Sees Continuity if Confirmed,” The New York Times online, Nov. 28, 2017