Trump to Tap Fed's Jerome Powell for Fed Chairman
Source: WSJ
WASHINGTONThe White House has notified Federal Reserve governor Jerome Powell that President Donald Trump intends to nominate him as the next chairman of the central bank, according to a person familiar with the matter.
The president spoke with Mr. Powell on Tuesday, according to another person familiar with the matter who couldnt describe what they discussed.
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Where he could lead a shift is on regulatory policy. He has advocated loosening some of the financial rules adopted by the Fed and other agencies since the crisis, a position that meshes with Mr. Trumps deregulatory agenda.
Mr. Powell has suggested softening the Volcker rule barring banks from using their own money to make risky bets and easing some bank stress tests. He also has endorsed reviewing some of the supervisory duties imposed on banks boards of directors to prevent them from being burdened with an ever-increasing checklist.
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Read more: https://www.wsj.com/articles/trump-to-tap-feds-jerome-powell-for-fed-chairman-1509568166