Jerome Powell sworn in as new Fed chair

Jerome Powell succeeds Janet Yellen, who served for 14 years in Fed, last four as president.

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.

In November 2, President Donald Trump already made his intentions clear of nominating him as the new leader of the United States' central bank and on January 23 it was confirmed by the Senate that Janet Yellen would not be president for a second term. "Through our decisions on monetary policy, we will support continued economic growth, a healthy job market, and price stability".

"I am also pleased to report that our financial system is now far stronger and more resilient than it was before the financial crisis that began about a decade ago". He graduated in politics from Princeton and in law by Georgetown.

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"If we were to face another period where you need innovative and creative leadership, Jay has a lot of skills, and it could still go OK, but you'd like to add to those skills a lifetime of studying monetary policy".

But Yellen said she supported the choice of Powell as her successor. The Commission raised the base interest rate by a quarter of a point five times under the management of Yellen.

"If the Fed raises (the) rate sufficiently to assure financial stability, there is the risk that the economy will slow too much". The oath ceremony was directed by Randal Quarles, who has just assumed position of Vice president.

"We want regulations to be the most intense and most stringent for the very largest, most complex institutions and decrease in intensity, stringency as we move down" to regional and community banks, Powell said in the hearing, before the Senate Banking Committee.

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