Most powerful man after Trump to enter
Tehran (KNA) - As Janet Yellen’s tenure as the Chair of the Federal Reserve ends, US President Donald Trump’s pick prepares to take the helm at the central banking system of the United States.
The New York billionaire who had no rosy relationship with Yellen since the days of the 2016 campaign, had opted not to re-nominate her, which made her announce in advance that she would leave at the end of her term.
Therefore, Jerome Hayden Powell, Trump's pick who has been confirmed by the GOP-controlled Senate, is starting his job as the new "Fed Chair" on February 5.
According to law, the president must nominate someone for the position from the Board of Governors of the Federal Reserve System.After Powell was appointed by Trump on November 2, he was confirmed by the American senators with little opposition.
The 64-year old will be sworn in as what is said to be the strongest position after the US president while the country's economy appears to be doing well.
Source: Press TV