Fed chair nominee Powell pledges ‘decisive’ response to any economic crisis

WASHINGTON (Reuters) – Jerome Powell, President Donald Trump’s nominee to be chairman of the Federal Reserve, pledged “to respond decisively” to any new economic crisis that may crop up while he is chief of the U.S. central bank, in remarks to be delivered at his Senate confirmation hearing on Tuesday.

In a nod to the wide discretion Fed officials have relied on in recent years, sometimes drawing criticism from the Republican politicians who now run Congress, Powell said, “We must retain the flexibility to adjust our policies in response to economic developments. … We must be prepared to respond decisively and with appropriate force to new and unexpected threats to our nation’s financial stability and economic prosperity–the original motivation for the Federal Reserve’s founding.”

Powell, who is currently a member of the Fed’s Board of Governors, was nominated by Trump to replace chair Janet Yellen, whose term as chair expires in early February.

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