Federal Reserve

US Senate panel sets Nov. 28 confirmation hearing for Fed chair nominee Powell

President Donald Trump, left, and Jerome Powell, the new chairman of the Federal Reserve on Thursday, Nov. 2, 2017.
Carlos Barria | Reuters

The U.S. Senate Banking Committee will hold a confirmation hearing for Jerome Powell, President Donald Trump's nominee for chairman of the Federal Reserve Bank, on Nov. 28, the committee said in a statement on Wednesday.

Trump last week tapped Fed Governor Powell, 64, to become head of the U.S. central bank, breaking with precedent by denying Janet Yellen a second term but signaling a continuation of her cautious monetary policies.