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MNI: Powell Re-Designated Fed Chair Pending Confirmation

Jerome Powell will become chair pro tempore of the Federal Reserve after his term expires Saturday and while he awaits a Senate confirmation vote, the Fed said Friday.

All three Fed governors voted for the action, and Powell abstained "to avoid even the potential appearance of a conflict of interest," the Fed said.

The Senate Banking Committee is expected to vote on Powell and four other Fed governor nominees on Feb. 15, before sending the names to the full Senate. Powell is expected to be confirmed easily.

The Fed last appointed a chair pro tempore in 1996, when Alan Greenspan was awaiting his renomination confirmation.

MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com

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