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Senate confirmation hearing for TrumpÕ Fed chair nominee set for Nov. 28

Will Fed Governor Jerome Powell be the next central bank chair?

The Senate Committee On Banking, Housing, And Urban Affairs scheduled the confirmation hearing of President Donald Trump’s nomination of Jerome Powell to be the next Federal Reserve chair for Nov. 28.

After much-anticipation, Trump officially announced he selected Powell on Nov. 2. The first talks of Trump's preference for Powell began to come out in October. But up until then, a handful of names were tossed around as options to lead the Fed, including current Fed Chair Janet Yellen.

According to an article in The Wall Street Journal by Kate Davidson, “Powell has been through the Senate confirmation process before, most recently in 2012 and 2014 when he was nominated to join the Fed board.”

“His nomination is expected to receive bipartisan support, though some GOP lawmakers have indicated they have concerns about his support for Fed policies under Ms. Yellen. Twenty-three Republicans and one Independent voted against his nomination in 2014,” the article stated.

Powell would fill the position as the Fed continues to decide when to raise interest rates.

And notably, Powell aligns closely with the current Fed chair’s outlook on interest rates, however he is much more open to loosening financial regulations.

Meanwhile, he has also made some public comments on his stance toward housing finance reform.

In a speech at the American Enterprise Institute back in July, Powell said that while the Federal Reserve might not be charged with housing finance reform, it does not mean it's immune from the effect of the ultimate reform options are that put in place.

Powell’s speech shared some similarities to other calls for reform, saying that there is an “urgent need for fundamental reform of our system of housing finance–the great unfinished business of post-financial crisis reform.”

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