News

Trump's Fed chair nomination well-received by ABA, NAFCU

November 3, 2017

The American Bankers Association and the National Association of Federally Insured Credit Unions have both issued statements on the nomination by President Trump of Jerome Powell as Federal Reserve chairman.

ABA President and CEO Rob Nichols congratulated Powell, who has served as a member of the Board of Governors of the Federal Reserve System since May 2012:

President Trump has chosen someone of great integrity, intellect and experience for this critically important position, and we know Governor Powell will be up to this challenge. He has demonstrated sound judgment in his handling of monetary policy since joining the Federal Reserve. He has also demonstrated a keen understanding of the important relationship between monetary policy and sound regulatory policy, and how the two can work together to reinforce economic growth.

NAFCU President and CEO Dan Berger also extended congratulations to Powell.

NAFCU congratulates Governor Powell on his nomination, and we appreciate his readiness to hear credit unions' concerns affecting their members and communities. We look forward to working with him as we continue our work with the Federal Reserve in seeking to ensure a positive regulatory environment in which credit unions can thrive.

Powell's confirmation by the U.S. Senate is generally considered to be a foregone conclusion; he has twice been cleared by the Senate to serve on the board of governors — both times by comfortable margins.

Assuming confirmation, Powell will serve a four-year term as chair of the Federal Reserve Board, commencing when current Fed Chair Janet Yellen's term expires on Feb. 3.