Powell’s new position is a four-year term, subject to Senate confirmation, that ends in 2022.
Powell has been on the Fed board since May 25, 2012, when he was appointed by President Obama. Before joining the Federal Reserve, Powell served as assistant secretary and undersecretary of the Treasury under President George H. W. Bush. He earned his juris doctor from Georgetown.
“As a member of the Federal Reserve’s Board of Governors since May 2012, Mr. Powell has demonstrated steady leadership, sound judgment, and policy expertise. Mr. Powell will bring to the Federal Reserve a unique background of Government service and business experience,” White House officials stated.
Rep. Pat Tiberi (R-OH), chairman of the Joint Economic Committee, supports the nomination of Powell.
“The Federal Reserve is one of the most important institutions in our country, if not the world, and it places enormous responsibility on its leadership,” Tiberi said. “The President has chosen Jerome Powell to head the Fed and I fully support that choice. I anticipate that Jerome Powell’s experience at the U.S. Treasury and on the Federal Reserve Board will serve him well. His concern over low labor force participation, new business formation, and productivity since the last recession is well placed and I expect will guide his policies. I believe Jerome Powell will make a fine Fed chairman and hope for a speedy confirmation of his nomination to this critical position.”