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For Immediate Release
November 2, 2017
ABA Media Contact: Jeff Sigmund
(202) 663-5439
Follow us on Twitter: @ABABankers​

ABA Statement on Jerome Powell’s Nomination to Serve as Federal Reserve Chairman

By Rob Nichols, ABA president and CEO

“We congratulate Governor Powell on his nomination to serve as chairman of the Federal Reserve Board.  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.  We urge the Senate to swiftly confirm him as Chairman.

“We would also like to thank Chair Yellen for her dedicated public service and steady hand during a difficult period. Her actions helped lift the economy while strengthening the financial system. Under her leadership, the Fed has also begun the important task of reviewing and reforming key elements of financial supervision, including stress tests and capital simplification.  We look forward to working with Chair Yellen and Governor Powell during this transition period, and we wish her well in her future."

The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, midsize, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend more than $9 trillion in loans.