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Jerome Powell Takes on the Role of Fed Chair

Jerome H. Powell is officially the new Federal Reserve Board chairman after being sworn in on Monday. Powell vows that as chair, he will properly served the country and the Fed's main objective.

"Powell, a former investment banker who has served as a Fed governor, was confirmed by the Senate last month to a four-year term as chair of the central bank. His term as a board member expires in 2028," according to American Banker.

"Powell is succeeding Janet Yellen, whose last day at the Fed was on Friday. Her final act at the agency, imposing a consent order on Wells Fargo for its phony-accounts scandal, dealt a huge blow to the bank."

Powell believes that regulations need to be held at a tougher rate for the larger and "most complex institutions, according to the report.

To learn more about Powell and what he will be bringing to the table as the new Fed chair, click on the image above.

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