Powell will succeed Janet Yellen, the first woman to lead the Fed, when her term ends.
Powell, 64, has served for 5½ years on the Fed’s board. A lawyer and investment manager by training, he will be the first Fed leader in 40 years without an advanced degree in economics. Many expect him to follow Yellen’s cautious approach to interest rates.
Powell, viewed as a centrist, enjoyed support from Republicans and Democrats.