Business

Jerome Powell sworn in as chairman of Federal Reserve

Jerome Powell has been sworn in as the 16th chairman of the Federal Reserve in a brief ceremony in the Fed's board room. In a short video message, Powell pledged to "support continued economic growth, a healthy job market and price stability."

Powell succeeds Janet Yellen, the first woman to lead the U.S. central bank in its 100-year history

Jerome Powell arrives to take the oath of office as Federal Reserve Board chair at the Federal Reserve, Monday, Feb. 5, 2018, in Washington. (Andrew Harnik/Associated Press)

Jerome Powell has been sworn in as the 16th chairman of the Federal Reserve in a brief ceremony in the Fed's board room. In a short video message, Powell pledged to "support continued economic growth, a healthy job market and price stability."

Powell took the oath of office from Randal Quarles, the Fed's vice-chairman for supervision, in a ceremony that was attended by Fed staff and Fed board member Lael Brainard.

Powell succeeds Janet Yellen, the first woman to lead the U.S. central bank in its 100-year history. President Donald Trump picked Powell after deciding to break with recent tradition and not offer Yellen a second four-year term.

In his video message, Powell did not mention the current turbulence in financial markets which sent stocks plunging on Friday.

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