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Powell to oversee Wall Street at Fed following Tarullo's departure

Federal Reserve Governor Jerome Powell is in charge of regulating Wall Street after Daniel Tarullo's departure, an assignment likely to be temporary pending President Donald Trump's nomination of a vice chairman of banking supervision at the Fed, Bloomberg News reported.

Powell worked at Carlyle Group LP between 1997 and 2005, including as a partner. He was a senior official at the U.S. Treasury Department under President George H. W. Bush.

Powell has been with the Fed since 2012.

Under his new responsibilities, Powell will lead the Committee on Supervision and Regulation as its chairman, overseeing the Fed division responsible for supervising Wall Street, crafting banking regulations and taking enforcement actions, according to the news story. Governor Lael Brainard is the other member of this committee.