Jerome Powell Sworn In as Federal Reserve Chairman

02/05/18 10:00 AM EST
By Harriet Torry 

Jerome Powell took the oath of office as chairman of the Federal Reserve's board of governors on Monday, succeeding Janet Yellen, the central bank said.

The Senate last month confirmed Mr. Powell to become the central bank's 16th chairman, clearing the way for a new leader likely to continue raising interest rates to keep the nation's economic expansion on track.

The Fed said the oath was administered by Fed governor Randal Quarles, who joined the central bank in October as vice chairman for supervision.

Mr. Powell's term as chairman is four years, although his term as a member on the Fed's powerful board of governors runs for another decade, until Jan. 31, 2028.

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(END) Dow Jones Newswires

February 05, 2018 10:00 ET (15:00 GMT)

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