Fed candidate Powell is committed to achieving a balance in regulatory aid, Dodd-Frank



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Federal Reserve Chairman Jerome Powell's candidate will tell lawmakers on Tuesday that he will seek a balance between preserving key financial regulations and reducing the burden on smaller companies.

Powell, a governor of the Fed, will appear before the Senate Banking Committee on Tuesday morning to consider his nomination. His testimony prepared before the panel, released Monday, reflects the moderate position of Powell, a Republican who is in favor of a loose monetary policy and slight setbacks in financial rules, which he is expected to bring to the Fed. [19659002] "We must help ensure that our financial system remains stable and efficient, and our financial system is undoubtedly much stronger and more resilient than it was a decade ago," the testimony says.

Powell pledges that the Fed "will continue to consider appropriate ways to alleviate regulatory burdens and preserve fundamental reforms." banks can grant credit to the families and businesses needed to sustain a thriving economy. "

Powell will also say that the bank" should be clear and transparent about the principles that are driving our decisions and about the expectations we have for the institutions that regulate. "

Powell was nominated by President Trump last month to replace current Fed chair Janet Yellen.

He had been considered Trump's favorite to succeed Yellen, who will leave the bank in February, for About a month Multiple outlets reported Trump's preference for Powell, who is seen as a small step to Yellen's right.

Yellen and Powell have supported a slow and steady rise in interest rates towards the averages The two were some of those appointed by the Obama Fed who argued that the too-rapid increase in interest rates could stifle the recovery from the recession of 2008.

Powell also called for moderate solutions to the Dodd-Frank Act that They have broad bipartisan support among regulators, including Yellen, a former lawyer and investment banker, Powell had overseen the financial regulation efforts of the to the Fed until the confirmation of Randal Quarles as vice president of supervision of the bank.

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