Jerome Powell pledged to maintain vigilance in overseeing the financial system as he began his tenure as chairman of the Federal Reserve Monday.
“Our financial system is now far stronger and more resilient than it was before the financial crisis that began about a decade ago,” Powell said in a taped address published shortly after his swearing-in Monday morning. “We intend to keep it that way.
“My colleagues and I will remain vigilant, and we’re prepared to respond to evolving risks,” Powell added.
President Trump and conservative congressional Republicans have called for undoing the 2010 Dodd-Frank financial reform law and other post-crisis reforms. Powell defended the new regulations in his remarks, but also said that he would aim to ensure that “regulation and supervision are efficient as well as effective.”
As a member of the Fed’s Board of Governors since 2012, Powell voted consistently with Janet Yellen on matters of regulation and oversight. On Friday, he voted with Yellen to impose major penalties on Wells Fargo for the bank’s fake accounts scandal.
In Monday’s brief address, Powell introduced himself as the “chairman,” whereas Yellen had referred to herself as the “chair.”
He ended his remarks by promising to “put everything we have into serving you and our country with objectivity, independence and integrity.”
