Schumer Statement on Tenure of Janet Yellen and Nomination of Jerome Powell for Federal Reserve Chair

November 2, 2017

Washington, D.C. – U.S. Senator Chuck Schumer today released the following statement regarding President Trump’s nomination of Jerome Powell to be the next Chairman of the Federal Reserve:

“Chair Yellen helped steer our economy with precision, transparency, and remarkable intellect, so it’s hard to understand why the administration would elect to make her the first fed chair in decades to not be re-nominated for a second term. In my view, her sure hand, and the steady growth and low inflation over her tenure, certainly warranted a reappointment.

“Nonetheless, I expect Jerome Powell to receive a thorough vetting throughout the confirmation process. I hope that he assures us he is committed to following Chair Yellen’s example of prioritizing job growth, safety and soundness in our financial system, keeping unemployment low, and fostering an economy that leads to higher middle-class Americans wages.”