Jerome Powell isn't exactly a wild card when it comes to Federal Reserve leadership, but he took pains at his confirmation hearing to remind senators of that fact.
His views on topics from monetary policy to banking regulation are on the record in speeches and testimony given during his five years at the U.S. central bank under Chairs Ben Bernanke and Janet Yellen, the 64-year-old said in testimony prepared for the Senate Banking Committee session on Tuesday, Nov. 28.
"Inside the Federal Reserve, we understand that our decisions in all these areas matter for American families and communities," he said. "I am committed to making decisions objectively and based on the best available evidence. In doing so, I would be guided solely by our mandate from the Congress and the long-run interests of the American public."
Powell's measured tone notwithstanding, his nomination by President Donald Trump earlier this month represents a departure from recent tradition. Trump broke with the practice continued by every president since Ronald Reagan of renominating the sitting Fed chair, and in Powell, he chose a candidate with a background in law and investment banking rather than economics.
But like his predecessors, Powell said, he's committed to achieving maximum employment and stable economic growth while maintaining the Fed's independence. At this point, he expects interest rates that have been increased just four times since the 2008 financial crisis, to a range of 1% to 1.25%, to continue rising even as the Fed pares a $4.5 trillion balance sheet.
You can find out more about Powell's positions in TheStreet's live blog of his confirmation hearing below; to ask a question or make a comment, just type it into the blue box: