WASHINGTON (AP) – Jerome Powell says that if confirmed as the next chairman of the Federal Reserve, he expects the Fed to continue raising interest rates gradually to support its twin goals of maximum employment and stable prices.
Under his leadership, Powell also says, the Fed would consider ways to ease the regulatory burdens on banks while preserving the key reforms Congress passed to try to prevent another financial crisis.
Powell’s comments came in written testimony prepared for his confirmation hearing Tuesday before the Senate Banking Committee.
A member of the Fed’s board since 2012, Powell was nominated by President Donald Trump to succeed Janet Yellen after her four-year term as chair ends in February. Trump decided against offering Yellen a second term.
In his remarks released Monday, Powell sought to send the reassuring message that he would represent a figure of stability and continuity at the nation’s central bank while remaining open to making certain changes as appropriate.