WASHINGTON – U.S. Senator Mike Crapo (R-Idaho), Chairman of the United States Senate Committee on Banking, Housing and Urban Affairs, today delivered the following remarks as the Senate voted on the confirmation of Jerome Powell to be Chairman of the Board of Governors of the Federal Reserve System. Powell was confirmed by the full Senate, 84-13. 

“Mr. President, I rise in support of the nomination of The Honorable Jerome, or ‘Jay,’ Powell to be Chairman of the Board of Governors of the Federal Reserve System.

“There is no overstating the importance of this nomination.

“The Federal Reserve Chairman plays a critical role in shaping the U.S. and global economic landscape as well as the regulations affecting financial institutions and markets.

“If confirmed to this position, Governor Powell would be central to ensuring a safe and sound financial system while also supporting a vibrant, growing economy.

“He will play a key role in right-sizing financial regulations and alleviating unnecessary burdens, a stated goal of the Federal Reserve. 

“He would also Chair the FOMC, the body charged with making key decisions for the nation’s monetary policy.

“Governor Powell has a unique background which will help him in lead the Federal Reserve.

“He has demonstrated his understanding of the markets and regulations during his tenure over the past five years at the Federal Reserve.

“Most recently, he has served as Chairman of the Fed’s Committee on Supervision and Regulation, a highly important and impactful position.

“Governor Powell previously served as Assistant Secretary and Undersecretary of the Treasury under President George H.W. Bush, where he was responsible for policy affecting financial institutions, the Treasury market, and other critical areas of our economy.

“He also has first-hand experience in investment banking and was a partner at the Carlyle Group before being appointed to the Board of Governors.

“Governor Powell was reported out of the Banking Committee with overwhelming bipartisan support last year, and was recently approved again with near-unanimous support.

“If confirmed to this new role, I look forward to continuing our work with Governor Powell on a host of important issues before the Banking Committee.

“I support this nomination today, and urge my colleagues to do the same.”