Reed Statement on Nomination of Jerome Powell to Lead Federal Reserve

WASHINGTON, DC – U.S. Senator Jack Reed, a senior member of the Senate Banking, Housing, and Urban Affairs Committee, issued the following statement on the nomination of Jerome H. Powell to serve as the next Chair of the Board of Governors of the Federal Reserve System:

“I am disappointed President Trump did not retain Fed Chair Yellen. During her tenure, unemployment reached its lowest level since 2001, and she blazed a trail as the first woman to run the central bank. I hope she will choose to remain on the Fed’s Board of Governors for the foreseeable future.

“Mr. Powell has a great deal of experience, and I look forward to learning more about his vision for promoting a strong and stable financial system, full employment, and an economy that works for all Americans.

“We can’t afford to roll back Wall Street rules that were put in place to prevent the next financial crisis. During his confirmation hearing, I plan to ask Mr. Powell about his plans to help strengthen and safeguard our economy and his commitment to the Fed’s dual mandate of stable prices and maximizing employment.”