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CBA Statement on Senate Committee Approval of Governor Powell as Fed Chair, Quarles as Fed Board Member
WASHINGTON, D.C. – Consumer Bankers Association President and CEO Richard Hunt released the following statement after the Senate Banking Committee approved Governor Jerome Powell to serve as Federal Reserve Board Chairman, succeeding Janet Yellen, and Randal Quarles as a Member of the Federal Reserve’s Board of Governors:
“We congratulate Governor Jay Powell on being approved as Federal Reserve Chair and Randal Quarles as a Member of the Federal Reserve’s Board by the Senate Banking Committee. Both Powell and Quarles possess a unique blend of private and public sector experience as well as keen intellects and sound understandings of monetary and regulatory policy. These real-world, consumer-facing experiences will prove invaluable as the central bank seeks to enact balanced, effective regulations and policy, and we urge Senate Majority Leader Mitch McConnell to quickly bring their nominations before the full Senate,” said CBA President & CEO Richard Hunt.