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Powell sworn in as Fed chair, says Fed will 'remain vigilant' on financial risks

Jerome Powell was sworn in as the new Federal Reserve Board chairman on Feb. 5, telling the public in a video message that the U.S. central bank will support further economic growth, along with price stability, and watch for any possible risks to the financial system.

Powell, who replaces Janet Yellen as the Fed chair, was sworn in by Randal Quarles, the Fed's vice chairman for supervision. President Donald Trump appointed Powell to the role in November 2017, though Powell had been on the Fed's Board of Governors since 2012.

Powell said in the video that the country's financial system is now "far stronger and more resilient" than it was before the crisis.

"We intend to keep it that way," he said. "My colleagues and I will remain vigilant, and we're prepared to respond to evolving risks."

Powell had previously been a visiting scholar at the Bipartisan Policy Center, a think tank; was a partner at the Carlyle Group from 1997 until 2005; and had also worked at the U.S. Treasury Department under former President George H. W. Bush, serving as assistant secretary and undersecretary of the treasury.

The Senate confirmed him on an 84-13 vote on Jan. 23.