Jerome Powell will become interim head of the Federal Reserve (Fed) on Saturday, ensuring continued leadership at the US central bank as his reappointment by US President Joe Biden awaits a decision by the US Senate.
“The Federal Reserve Board on Friday appointed Jerome H. Powell as temporary chairman, awaiting Senate confirmation for a second term as chairman of the Board of Directors,” the Fed said in a statement Friday.
“The measure, effective February 5, allows him to continue to perform his duties after his term ends on the same day and while the confirmation process is ongoing.”
A Senate Banking Committee vote on the nomination of Powell and four other central bank nominees is scheduled for February 15. The US Senate floor is expected to consider the nominations sometime after that.
The last time a Fed leader’s term expired before the Senate confirmed a new term was in 1996. Alan Greenspan served as temporary Fed chairman from March 3 to June 20.
Jerome Powell began his four-year term as Fed chief on February 5, 2018. Biden announced his reappointment in November, and at a hearing in January, Republican and Democratic members of the Senate Banking Committee said they would support another term.
Powell remains in charge of monetary policy. The Federal Open Market Committee (FOMC) separately named him chair at its January meeting, the Fed said on Friday.
Source: CNN Brasil
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