Jerome Powell to succeed Janet Yellen as next chairman of Federal Reserve

U.S. President Donald Trump nominates Jerome Powell for the Federal Reserve chair

Jerome Powell, a current Fed governor, will replace current chair Janet Yellen when she steps down next month.

The U.S. Senate Tuesday confirmed Jerome Powell, lawyer, and multi-millionaire, as the next head of the Federal Reserve, the country's central bank, succeeding Janet Yellen. Many expect him to follow Ms. Yellen's cautious approach to interest rates, he is seen as a centrist, and enjoyed support from Republicans and Democrats.

Powell, 64, has served for 5 1/2 years on the Fed's board. Trump did, however, install a solid supporter of Yellen's gradual approach to raising interest rates and someone who sympathizes with White House calls to ease bank rules imposed after the US financial crisis. She was joined by eight other Democrats and four Republicans including Sens.

In addition, Powell largely supports Dodd-Frank, the sweeping set of reforms instituted after the financial crisis to make banks healthier, CNN reports.

The regulatory law Congress passed in response to the financial crisis left the Fed significant discretion in writing new rules - effectively relying on the bank's regulators to maintain a healthy financial sector while protecting consumers and the economy as a whole. But steady economic growth and low unemployment suggested it should act.

Trump will be able to essentially remake the Fed's board during his first two years in office.

In November, Trump also nominated university professor and conservative economist Marvin Goodfriend to fill one of the vacancies. With Yellen's departure, he will have an opportunity to name at least three more people to the seven-seat Board in Washington, subject to Senate confirmation. Lael Brainard will remain the only board member not to have been chosen by President Trump.

The Federal Reserve System is the central bank of the United States.

Jenet Yellen is the first female chief of the USA central bank, Yellen was also a defender of the regulations enacted following the financial crisis - putting her at odds with the current White House's deregulation agenda. And based on how government disclosures are drafted, his wealth may actually be closer to $100 million.

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