Eugene Meyer (financier)
Eugene Isaac Meyer was an American financier, public official, newspaper publisher. He published the Washington Post from 1933 to 1946, the paper stayed in his family throughout the rest of the 20th century, he served as Chairman of the Federal Reserve from 1930 to 1933 and was the first President of the World Bank Group. Born in Los Angeles, California, he was one of eight children of Marc Eugene Meyer, his parents were Alsatian Jews, but he avoided identification as a Jew until in life. His mother was the daughter of Joseph Newmark, he grew up in San Francisco and attended college across the bay at the University of California, but he dropped out after one year and enrolled at Yale University. He received his A. B. in 1895. After college, Meyer went to work for Lazard Frères, where his father was a partner, but quit in 1901 after four years and went out on his own, he was a successful investor and speculator, owned a seat on the New York Stock Exchange. He married Agnes Elizabeth Ernst, a Lutheran, in 1910.
By 1915, when he was forty, he was worth $40 million. In 1920, Meyer teamed with William H. Nichols of General Chemical to help fulfill his vision of a bigger, better chemical company. Meyer and Nichols combined five smaller chemical companies to create the Allied Chemical & Dye Corporation, which became Allied Chemical Corp. which in turn became part of AlliedSignal, the forerunner of Honeywell’s specialty materials business. Both men have buildings named after them at Honeywell's Morris New Jersey, headquarters. Meyer went to Washington, D. C. during World War I as a "dollar-a-year man" for Woodrow Wilson, becoming the head of the War Finance Corporation and serving there long after the end of hostilities. President Calvin Coolidge named him as chairman of the Federal Farm Loan Board in 1927. Herbert Hoover promoted him to Chairman of the Board of Governors of the Federal Reserve System in 1930, he took on an additional ½-year post in 1932 as chief of the new Reconstruction Finance Corporation, Hoover's unsuccessful attempt to aid companies by providing loans to businesses.
After Franklin D. Roosevelt became president, Meyer resigned his Fed position on May 10, 1933. Meyer has been criticized as Fed Chairman for not attacking the economic catastrophe of the early 1930s with monetary stimulus, thus allowing the banking crisis to get out of hand and deepening the economic collapse. One of his biggest critics at the time condemned Meyer along with J. P. Morgan, Andrew Mellon and Ogden Mills as being the Four Horsemen of the Apocalypse. More recent critics include Nobel laureate Milton Friedman and his fellow economist Anna Schwartz who, in their landmark book A Monetary History of the United States, put forth the argument that the Fed could have lessened the severity of the Depression, but failed to exercise its role of managing the monetary system and ameliorating banking panics. In 1929, Meyer made an offer of $5 million for the Washington Post. In June 1933, he bought the paper at a bankruptcy auction for $825,000, the paper having been ruined by its spendthrift socialite owner Ned McLean, by the Great Depression.
Meyer had resigned as Fed chairman just three weeks earlier, he had no experience in the publishing business. But he was prepared to bid up to $2 million for the Post, far more than the other bidders, including William Randolph Hearst. Preferring to remain anonymous, Meyer stayed home from the proceedings. After weeks of speculation when his daughter Katharine didn't know the buyer's name, it was revealed in newspapers around the country on June 13. In his statement to the press, Meyer vowed to improve the Post, asserted that he would operate it independently, he said that he had bought the Post on his own, without the influence of "any person, group or organization." He made this statement to contradict the rumors that as a well-known Republican, he would soon turn it into a voice for Republican causes. Press reaction to the purchase was positive, with other newspapers being pleased that the Post would not go out of business, would continue to report the news from the nation's capital. While expressing the hope that Meyer would in fact take the Republican point of view, the editorial acknowledged that he would not do so, since he seemed to be "no slavish supporter of any party or leader," assuring that under his leadership the Washington Post would be "hard hitting and independent, a paper that nobody can ignore."
As it turned out, Meyer did take the side of the Republican party on some issues. He was opposed to FDR's New Deal, this was reflected in the Post's editorial stance as well as its news coverage regarding the National Recovery Administration, he wrote an editorializing "news" story under a fake name. Over the next twenty years, Meyer spent millions of dollars of his own money to keep the money-losing paper in business, while focusing on improving its quality; as publisher, Meyer contributed to stories: his friendship with the British Ambassador, Lord Lothian, led to a Washington Post scoop on reporting of Edward VIII's relationship with Wallis Simpson. After World War II, Harry S. Truman named Meyer 70 years old, to be the first head of the World Bank in June 1946. Mey
Democratic Party (United States)
The Democratic Party is one of the two major contemporary political parties in the United States, along with the Republican Party. Tracing its heritage back to Thomas Jefferson and James Madison's Democratic-Republican Party, the modern-day Democratic Party was founded around 1828 by supporters of Andrew Jackson, making it the world's oldest active political party; the Democrats' dominant worldview was once social conservatism and economic liberalism, while populism was its leading characteristic in the rural South. In 1912, Theodore Roosevelt ran as a third-party candidate in the Progressive Party, beginning a switch of political platforms between the Democratic and Republican Party over the coming decades, leading to Woodrow Wilson being elected as the first fiscally progressive Democrat. Since Franklin D. Roosevelt and his New Deal coalition in the 1930s, the Democratic Party has promoted a social liberal platform, supporting social justice. Well into the 20th century, the party had conservative pro-business and Southern conservative-populist anti-business wings.
The New Deal Coalition of 1932–1964 attracted strong support from voters of recent European extraction—many of whom were Catholics based in the cities. After Franklin D. Roosevelt's New Deal of the 1930s, the pro-business wing withered outside the South. After the racial turmoil of the 1960s, most Southern whites and many Northern Catholics moved into the Republican Party at the presidential level; the once-powerful labor union element became less supportive after the 1970s. White Evangelicals and Southerners became Republican at the state and local level since the 1990s. People living in metropolitan areas, women and gender minorities, college graduates, racial and ethnic minorities in the United States, such as Jewish Americans, Hispanic Americans, Asian Americans, Arab Americans and African Americans, tend to support the Democratic Party much more than they support the rival Republican Party; the Democratic Party's philosophy of modern liberalism advocates social and economic equality, along with the welfare state.
It seeks to provide government regulation in the economy. These interventions, such as the introduction of social programs, support for labor unions, affordable college tuitions, moves toward universal health care and equal opportunity, consumer protection and environmental protection form the core of the party's economic policy. Fifteen Democrats have served as President of the United States; the first was President Andrew Jackson, the seventh president and served from 1829 to 1837. The most recent was President Barack Obama, the 44th president and held office from 2009 to 2017. Following the 2018 midterm elections, the Democrats held a majority in the House of Representatives, "trifectas" in 14 states, the mayoralty of numerous major American cities, such as Boston, Los Angeles, New York City, San Francisco, Portland and Washington, D. C. Twenty-three state governors were Democrats, the Party was the minority party in the Senate and in most state legislatures; as of March 2019, four of the nine Justices of the Supreme Court had been appointed by Democratic presidents.
Democratic Party officials trace its origins to the inspiration of the Democratic-Republican Party, founded by Thomas Jefferson, James Madison and other influential opponents of the Federalists in 1792. That party inspired the Whigs and modern Republicans. Organizationally, the modern Democratic Party arose in the 1830s with the election of Andrew Jackson. Since the nomination of William Jennings Bryan in 1896, the party has positioned itself to the left of the Republican Party on economic issues, they have been more liberal on civil rights issues since 1948. On foreign policy, both parties have changed position several times; the Democratic Party evolved from the Jeffersonian Republican or Democratic-Republican Party organized by Jefferson and Madison in opposition to the Federalist Party of Alexander Hamilton and John Adams. The party favored republicanism; the Democratic-Republican Party came to power in the election of 1800. After the War of 1812, the Federalists disappeared and the only national political party left was the Democratic-Republicans.
The era of one-party rule in the United States, known as the Era of Good Feelings, lasted from 1816 until the early 1830s, when the Whig Party became a national political group to rival the Democratic-Republicans. However, the Democratic-Republican Party still had its own internal factions, they split over the choice of a successor to President James Monroe and the party faction that supported many of the old Jeffersonian principles, led by Andrew Jackson and Martin Van Buren, became the modern Democratic Party. As Norton explains the transformation in 1828: Jacksonians believed the people's will had prevailed. Through a lavishly financed coalition of state parties, political leaders, newspaper editors, a popular movement had elected the president; the Democrats became the nation's first well-organized national party and tight party organization became the hallmark of nineteenth-century American politics. Opposing factions led by Henry Clay helped form the Whig Party; the Democratic Party had a small yet decisive advantage over the Whigs until the 1850s, when the Whigs fell apart over the issue of slavery.
In 1854, angry with the Kansas–Nebraska Act, anti-slavery Dem
Herman Cain is an American politician and author, business executive, radio host, syndicated columnist, Tea Party activist from Georgia. Cain grew up in Georgia and graduated from Morehouse College in 1967 with a Bachelor of Science in Mathematics. Cain pursued graduate studies at Purdue University and graduated with a Master of Science in Computer Science in 1971, while working full-time for the U. S. Department of the Navy. In 1977, he joined the Pillsbury Company in Minneapolis where he became vice president. During the 1980s, his success as a business executive at Burger King prompted Pillsbury to appoint him as chairman and CEO of Godfather's Pizza, in which capacity he served from 1986 to 1996. Cain was chairman of the Federal Reserve Bank of Kansas City Omaha Branch from 1989 to 1991, he was deputy chairman, from 1992 to 1994, chairman until 1996, of the Federal Reserve Bank of Kansas City. In 1994, Cain publicly opposed the Health Security Act, resulting in him being appointed to the Kemp Commission in 1995.
In 1996, he served as a senior economic adviser to Bob Dole's presidential campaign. Cain became the CEO of the National Restaurant Association, in which he served as president and CEO from 1996 to 1999. Additionally, he has served as a member of the board of directors of several companies. In May 2011, Cain announced his presidential candidacy. By the fall, his proposed 9–9–9 tax plan and debating performances had made him a serious contender for the Republican nomination. In November, his campaign faced five allegations of sexual misconduct—all denied by Cain—and he announced its suspension on December 3. Herman Cain was born on December 13, 1945, in Memphis, Tennessee, to Lenora Davis Cain, a cleaning woman and domestic worker, Luther Cain, raised on a farm and worked as a barber and janitor, as well as a chauffeur for The Coca-Cola Company President Robert W. Woodruff. Cain has said that as he was growing up, his family was "poor but happy." Cain related that his mother taught him about her belief that "success was not a function of what you start out with materially, but what you start out with spiritually."
His father worked three jobs to own his own home—something he achieved during Cain's childhood—and to see his two sons graduate. Cain grew up on the west side of Atlanta, attending school and the Rev. Cameron M. Alexander's Antioch Baptist Church North in the neighborhood now known as The Bluff. Cain's father saved enough money and the family moved to a modest brick home on Albert Street in the Collier Heights neighborhood, he attended Archer High School, graduating in 1963. Cain married Gloria Cain, of Atlanta, soon after her graduation from Morris Brown College in 1968. Gloria Cain is a homemaker, with experience as a librarian; the couple have three grandchildren. In 2006 Cain was diagnosed with Stage IV cancer in his colon and metastases to his liver and given a 30 percent chance of survival. Cain underwent surgery and chemotherapy following the diagnosis, has since reported that he is in remission. Disclosures filed during his campaign in 2011 categorized Cain's wealth at that time as being between $2.9 and $6.6 million, with Cain's combined income for both 2010 and 2011 being between $1.1 and $2.1 million.
Cain serves as an associate minister at Antioch Baptist Church North in Atlanta, which he joined at the age of 10. The church is part of the National Baptist Convention and is politically liberal and theologically conservative. In 1967, Cain graduated from Morehouse College with a Bachelor of Science in Mathematics. In 1971, he received a Master of Science in Computer Science from Purdue University, while working full-time as a ballistics analyst for the U. S. Department of the Navy as a civilian. After completing his master's degree from Purdue, Cain left the Department of the Navy and began working for The Coca-Cola Company in Atlanta as a computer systems analyst. In 1977, he moved to Minneapolis to join Pillsbury, soon becoming director of business analysis in its restaurant and foods group in 1978. At age 36, Cain was assigned in the 1980s to analyze and manage 400 Burger King stores in the Philadelphia area. At the time, Burger King was a Pillsbury subsidiary. Under Cain, his region posted strong improvement in three years.
According to a 1987 account in the Minneapolis Star Tribune, Pillsbury's then-president Win Wallin said, "He was an excellent bet. Herman always seemed to have his act together." At Burger King, Cain "established the BEAMER program, which taught our employees teenagers, how to make our patrons smile" by smiling themselves. It was a success: "Within three months of the program's initiation, the sales trend was moving higher." Cain's success at Burger King prompted Pillsbury to appoint him president and CEO of another subsidiary, Godfather's Pizza. On his arrival on April 1, 1986, Cain told employees, "I'm Herman Cain and this ain't no April Fool's joke. We are not dead. Our objective is to prove to Pillsbury and everyone else that we will survive." Godfather's Pizza was performing poorly, having slipped in ranks of pizza chains from third in 1985 to fifth in 1988. Under Cain's leadership, Godfather's closed 200 restaurants and eliminated several thousand jobs, by doing so returned to profitability.
In a leveraged buyout in 1988, executive vice president and COO Ronald B. Gartlan, a group of investors bought Godfather's from Pillsbury. Cain served as chairman of the board of the Federal Reserve Bank of Kansas City Omaha Branch from January 1, 1989, to December 31, 1991, he became a member of the board of directors of the Federal Reserve Bank of Kansas
Chair of the Federal Reserve
The Chair of the Board of Governors of the Federal Reserve System is the head of the Federal Reserve, the central banking system of the United States. The position is known colloquially as "Chair of the Fed" or "Fed Chair"; the chair is the "active executive officer" of the Board of Governors of the Federal Reserve System. The chair is nominated by the President of the United States from among the members of the Board of Governors, serves a term of four years after being confirmed by the United States Senate. A chair may serve multiple consecutive terms, pending a new nomination and confirmation at the end of each. William Martin was the longest serving chair, holding the position from 1951 to 1970; the current Chairman is Jerome Powell, sworn in on February 5, 2018. He was nominated to the position by President Donald Trump on November 2, 2017, was confirmed by the Senate. Section 203 of the Banking Act of 1935 changed the name of the "Federal Reserve Board" to the "Board of Governors of the Federal Reserve System."
The directors' salaries were lower and their terms of office were much shorter prior to 1935. In effect, the Federal Reserve Board members in Washington, D. C. were less powerful than the presidents of the regional Federal Reserve Banks prior to 1935. In the 1935 Act, the district heads had their titles changed to "President"; as stipulated by the Banking Act of 1935, the President of the United States appoints the seven members of the Board of Governors. The nominees for chair and vice-chair may be chosen by the President from among the sitting Governors for four-year terms; the Senate Committee responsible for vetting a Fed Reserve Chair nominee is the Senate Committee on Banking. By law, the chair reports twice a year to Congress on the Federal Reserve's monetary policy objectives, he or she testifies before Congress on numerous other issues and meets periodically with the Treasury Secretary. The law applicable to the Chair and all other members of the Board provides: No member of the Board of Governors of the Federal Reserve System shall be an officer or director of any bank, banking institution, trust company, or Federal Reserve bank or hold stock in any bank, banking institution, or trust company.
The following is a list of past and present Chairs of the Board of Governors of the Federal Reserve System. A chair serves for a four-year term after appointment, but may be reappointed for several consecutive four-year terms; as of 2018, there have been a total of sixteen Fed Chairs. History of central banking in the United States Beckhart, Benjamin Haggott. 1972. Federal Reserve System.: American Institute of Banking. Shull, Bernard. 2005. The fourth branch: the Federal Reserve's unlikely rise to power and influence. Westport, Conn.: Praeger. Andrews, Edmund L.. "All for a more open Fed". New Straits Times. P. 21. "Executive Order 11110 - Amendment of Executive Order No. 10289 as Amended, Relating to the Performance of Certain Functions Affecting the Department of the Treasury". The American Presidency Project. Via UCSB.edu Official website Public Statements of the Chairs of the Board of Governors of the Federal Reserve System, via the St. Louis Federal Reserve Bank Nomination hearings, conducted in the Senate, for Chairs and Members of the Board of Governors of the Federal Reserve System Timeline of Federal Reserve Chairs with related resources
Federal Reserve Bank of Chicago
The Federal Reserve Bank of Chicago is one of twelve regional Reserve Banks that, along with the Board of Governors in Washington, D. C. make up the nation's central bank. The Chicago Reserve Bank serves the Seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, the state of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U. S. government, monitors economic conditions in its District. As one of the Reserve Banks that make up the Federal Reserve System, the Chicago Fed is responsible for: Helping to formulate national monetary policy; the Chicago Fed's CEO, Charles L. Evans, helps formulate monetary policy by taking part and voting in meetings of the Federal Open Market Committee. Providing financial services such as cash, check clearing and electronic payment processing.
Each day the Federal Reserve System processes millions of payments in the form of both paper checks and electronic transfers. These payments services are offered to institutions in the Seventh District on a fee basis; because of a nationwide reduction in the use of checking instruments, the Chicago Fed and most other Reserve Banks ceased processing paper checks on November 17, 2009 and electronic checks in 2010. Items routed to this facility are now routed to the Federal Reserve Bank of Cleveland or to the Federal Reserve Bank of Atlanta. Supervising and regulating state-chartered banks that are members of the Federal Reserve System, bank holding companies, financial holding companies; these organizations are located within the Seventh Federal Reserve District. Charles L. Evans is the president of the Chicago Fed, he took office on September 1, 2007 as the ninth president and chief executive officer of the Federal Reserve Bank of Chicago. Ellen Bromagen is first chief operating officer of the Chicago Fed.
The Chicago Fed annually co-hosts in Chicago an international banking conference to examine cross-national banking and finance issues. The bank's Money Museum is free and open to the public year-round from 8:30am to 5pm, Monday through Friday, except on Bank holidays. All visitors must show a photo identification, walk through a metal detector and have their bags x-rayed before entering the Money Museum. No food or drink are allowed in the museum. A presentation lasting 45 minutes is available at 1pm on Monday through Friday, or by appointment; the rest of the Money Museum is accessible at any time during open hours. The museum includes a free kiosk, which takes a guest's picture in front of a million dollars in $100 bills. A million dollars in $1 bills and a million dollars in $20 bills are on display; the museum has been known for giving out bags of shredded money as souvenirs. The Federal Reserve Bank of Chicago Detroit Branch is the only branch of the Federal Reserve Bank of Chicago; the following people are on the board of directors as of 2016.
Class A directors are elected by member banks to represent member banks. Class B directors are elected by member banks to represent the public. Class C directors are appointed by the board of governors to represent the public. Federal Reserve Act Federal Reserve System Federal Reserve Districts Federal Reserve Branches Federal Reserve Bank of Chicago Detroit Branch Structure of the Federal Reserve System Federal Reserve Bank of Chicago Facebook Twitter YouTube Historical resources by and about the Federal Reserve Bank of Chicago, available on FRASER
Adolph C. Miller
Adolph Caspar Miller was an American government official and university professor. He was one of the original Governors of the Federal Reserve System, appointed in 1914, served in that capacity for 22 years, he was a notable benefactor of the University of Berkeley, of which he was a graduate. Miller was born in San Francisco on January 7, 1866. After receiving his degree from the University of California, he studied abroad in Paris and Munich Miller served as an instructor at Harvard University, spent one year each as an assistant professor at his alma mater and at Cornell University before being hired as a full professor of finance at the University of Chicago. While in Chicago, in 1895, Miller married daughter of a prominent Chicago businessman. In 1902, Benjamin Wheeler, President of the University of California, persuaded Miller to return to Berkeley as Flood Professor of Finance, to take charge of the College of Commerce, predecessor of today's Haas School of Business. Miller remained there until 1913.
In that year, Miller's classmate and friend, Franklin Knight Lane was appointed as Secretary of the Interior by Woodrow Wilson, Lane persuaded Miller to come to Washington to serve as Assistant Secretary. In May 1913, Miller was appointed as Director of the Bureau of National Parks. In 1914, Miller was appointed one of the original governors of the Federal Reserve System, established late the previous year; the terms of the initial governors were staggered, Miller received the longest initial term, ten years. Miller was the sole economist on the Board during World War I, he supported policies which would reduce spending by the public, principally through higher taxes, he served 22 years in that capacity before retiring in 1936. He remained a significant benefactor to the University of California, its Miller Institute for Basic Research in Science was both endowed by money left to the University, named for him, his house in the Kalorama neighborhood of Washington DC, designed in 1924 by Baltimore architect Hall Pleasants Pennington, still stands at 2230 S Street NW.
Wells, The Federal Reserve System, McFarland, ISBN 0-7864-1880-X Statements and Speeches of Adolph C. Miller
Jerome Hayden "Jay" Powell is the 16th and current Chair of the Federal Reserve, serving in that office since February 2018. He was nominated to the Fed Chair position by President Donald Trump, confirmed by the United States Senate. Powell earned a degree in politics from Princeton University in 1975 and a Juris Doctor from Georgetown University Law Center in 1979, he moved to investment banking in 1984, has since worked for several financial institutions. He served as Under Secretary of the Treasury for Domestic Finance under President George H. W. Bush in 1992. More he was a visiting scholar at the Bipartisan Policy Center from 2010 to 2012, he has served as a member of the Federal Reserve Board of Governors since 2012. He is the first Chair of the Federal Reserve to not hold a Ph. D. in Economics since 1987. Powell was born on February 4, 1953 in Washington, D. C. as one of six children to Patricia and Jerome Powell, a lawyer in private practice and a World War II veteran. His maternal grandfather, James J. Hayden, was Dean of the Columbus School of Law at Catholic University of America and a lecturer at Georgetown Law School.
He has five siblings, Matthew, Tia and Monica. In 1972, Powell graduated from Georgetown Preparatory School, a Jesuit university-preparatory school, he received a Bachelor of Arts in politics from Princeton University in 1975, where his senior thesis was titled "South Africa: Forces for Change." In 1975–76, he spent a year as a legislative assistant to Pennsylvania Senator Richard Schweiker. Powell earned a Juris Doctor degree from Georgetown University Law Center in 1979, where he was editor-in-chief of the Georgetown Law Journal. In 1979, Powell moved to New York City and became a clerk to Judge Ellsworth Van Graafeiland of the United States Court of Appeals for the Second Circuit. From 1981 to 1983, Powell was a lawyer with Davis Polk & Wardwell, from 1983 to 1984, he worked at the firm of Werbel & McMillen. From 1984 to 1990, Powell worked at Dillon, Read & Co. an investment bank, where he concentrated on financing, merchant banking, mergers and acquisitions, rising to the position of vice president.
Between 1990 and 1993, Powell worked in the United States Department of the Treasury, at which time Nicholas F. Brady, the former chairman of Dillon, Read & Co. was the United States Secretary of the Treasury. In 1992, Powell became the Under Secretary of the Treasury for Domestic Finance after being nominated by George H. W. Bush. During his stint at the Treasury, Powell oversaw the investigation and sanctioning of Salomon Brothers after one of its traders submitted false bids for a United States Treasury security. Powell was involved in the negotiations that made Warren Buffett the chairman of Salomon. In 1993, Powell began working as a managing director for Bankers Trust, but he quit in 1995 after the bank got into trouble when several customers suffered large losses due to derivatives, he went back to work for Dillon, Read & Co. From 1997 to 2005, Powell was a partner at The Carlyle Group, where he founded and led the Industrial Group within the Carlyle U. S. Buyout Fund. After leaving Carlyle, Powell founded Severn Capital Partners, a private investment firm focused on specialty finance and opportunistic investments in the industrial sector.
In 2008, Powell became a managing partner of the Global Environment Fund, a private equity and venture capital firm that invests in sustainable energy. Between 2010 and 2012, Powell was a visiting scholar at the Bipartisan Policy Center, a think tank in Washington, D. C. where he worked on getting Congress to raise the United States debt ceiling during the United States debt-ceiling crisis of 2011. Powell presented the implications to the economy and interest rates of a default or a delay in raising the debt ceiling, he worked for a salary of $1 per year. In December 2011, along with Jeremy C. Stein, Powell was nominated to the Federal Reserve Board of Governors by President Barack Obama; the nomination included two people to help garner bipartisan support for both nominees since Stein's nomination had been filibustered. Powell's nomination was the first time that a president nominated a member of the opposition party for such a position since 1988, he took office on May 2012, to fill the unexpired term of Frederic Mishkin, who resigned.
In January 2014, he was nominated for another term, and, in June 2014, he was confirmed by the United States Senate in a 67-24 vote for a 14-year term ending January 31, 2028. In 2013, Powell made a speech regarding financial regulation and ending "too big to fail". In April 2017, he took over oversight of the "too big to fail" banks. On November 2, 2017, President Donald Trump nominated Powell to serve as the Chair of the Federal Reserve. On December 5, 2017, the Senate Banking Committee approved Powell's nomination to be Chair in a 22–1 vote, with Senator Elizabeth Warren casting the lone dissenting vote, his nomination was confirmed by the Senate on January 2018 by an 84 -- 13 vote. Powell assumed office as Chair on February 5, 2018. A survey of 30 economists in March 2017 noted that Powell was more of a monetary dove than the average member of the Board of Governors. However, The Bloomberg Intelligence Fed Spectrometer rated Powell as neutral. Powell has been a skeptic of round 3 of quantitative easing, initiated in 2012, although he did vote in favor of implementation.
Powell "appears to support" the Dodd–Frank Wall Street Reform and Consumer Protection Act, although he has stated that "we can do it more efficiently". In an October 2017 speech, Powell stated that higher capital and liquidity requ