Jerome Powell sworn in as 16th Fed chairman

Jerome Powell sworn in as 16th Fed chairman

Jerome Powell sworn in as 16th Fed chairman

Powell will likely face a tough task as he tries to steer the U.S. economy.

Powell, the 16th person to hold the position, was nominated by President Donald Trump in November.

Jerome Powell has taken office as the sixteenth president of the US Federal Reserve on Monday and takes over from Janet Yellen.

"Through our decisions on monetary policy, we will support continued economic growth, a healthy job market and price stability", he said on the Fed's website.

"Today, unemployment is low, the economy is growing, and inflation is low", he said. His nomination was approved by the Senate earlier this month for a four-year term as chairman that will end in February 2022.

Powell, a Republican who succeeded Janet L. Yellen, also said he was committed to "explaining what we're doing and why we are doing it" as the central bank works to sustain the ongoing economic recovery and oversee some of the nation's largest financial institutions.

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The new Fed head faces an immediate challenge from the wobbly market, as US stocks opened sharply lower Monday after a heavy sell-off Friday. In the past few years, for example, Powell has voted for Yellen's gradual interest rate increases. The plan at this time is three rate increments in 2018. Her final act at the agency, imposing a consent order on Wells Fargo for its phony-accounts scandal, dealt a huge blow to the bank.

Yellen was the first woman and the fourth Jew to serve as Fed chair.

Powell has a bachelor degree in politics from Princeton University and a law degree from Georgetown University.

Fed critics say the central bank purposely pushed up the stock market in an effort to create a wealth effect that officials hoped would spill over into the broader economy.

Mr Powell is a former partner at private equity firm Carlyle, while he also served in the treasury under former president George H W Bush in the 1990s.

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