Powell, a current Fed governor, was confirmed by a vote of 85-12, paving the way for him to replace current Chair Janet Yellen when she steps down next month. In choosing to replace Yellen, Trump dismantled another piece of his predecessor Barack Obama's legacy, making Trump the first US president in nearly 40 years not to reappoint the incumbent Fed chair. Powell, 64, had already been through the Senate confirmation process before becoming a Fed governor in 2012. In promoting Powell to the Fed leadership, Trump takes another step toward remolding the central bank in his image, with four vacancies on the Fed's board of governors yet to be filled. Goodfriend appeared Tuesday for Senate confirmation hearings, where lawmakers grilled him about predictions -- which were never borne out -- that Fed stimulus following the 2008 financial meltdown would drive up inflation without aiding the economic recovery.

Source: The Nation Bangkok January 23, 2018 23:03 UTC