US President appoints Mr. Jerome Powell as Chairman of the Fed

On November 2, US President Donald Trump selected Mr. Jerome Powell, a member of the Board of Governors of the US Federal Reserve Bank (Fed), to serve as Fed Chairman to replace Ms. Janet Yellen after her term ends in February 2018.

US President Donald Trump (right) and Mr. Jerome Powell. (Source: Reuters)

Mr. Powell was appointed to the Fed Board of Governors in 2012 and is considered a moderate. President Trump called Mr. Powell a tough, smart person with the wisdom and leadership skills to lead the US economy.

According to White House officials, Mr. Powell was selected based on his professional qualifications, experience working at the Fed, and ability to coordinate with President Trump.

Policymakers and financial markets see Mr. Powell as a safe choice for President Trump because he is expected to continue pursuing the current US monetary policy. The decision to appoint Mr. Powell will be submitted to the Senate for approval.

Previously, on October 27, on Instagram, President Trump revealed that the head of the Fed would be the one expected to "make a difference" and would be very "impressive"./.

According to Vietnam+