Washington, D.C. – Colorado U.S. Senator Michael Bennet today issued the following statement in response to President Trump’s nomination of Jerome Powell to be the next Chair of the U.S. Federal Reserve.
“Janet Yellen has been an exceptional Chair of the Federal Reserve, guiding it through complicated financial times with skill and thoughtfulness,” Bennet said. “In failing to renominate Yellen, President Trump missed an opportunity to keep a proven leader at the helm of this important American institution.”
With the nomination of Powell, President Trump broke a decades-long precedent of presidents renominating the residing Chair. President Ronald Reagan renominated Chairman Paul Volcker (originally nominated by President Jimmy Carter); President Bill Clinton renominated Chairman Alan Greenspan (originally nominated by Reagan); and President Barack Obama renominated Chairman Ben Bernanke (originally nominated by President George W. Bush).