erome Powell was first appointed by Barack Obama to the Federal Reserve board in 2012.
US Senate confirmed former investment banker Jerome Powell as head of the Federal Reserve, putting President Donald Trump's pick in a role of enormous influence over the world's largest economy.
Powell, a current Fed governor, was confirmed by a vote of 85-12, paving the way for him to replace current Chair Janet Yellen when she steps down next month.
Here's all you need to know about Jerome Powell, who'll be handling the most powerful position in global economy.
1. Jerome Powell was first appointed by Barack Obama to the Federal Reserve board in 2012. Experts believe that Powell will mostly continue his predecessor Yellen's policies despite of the fact that President Trump had been vocal againt Fed under Yellen.
In choosing to replace Yellen, Trump dismantled another piece of his predecessor Barack Obama's legacy, making Trump the first US president in nearly 40 years not to reappoint the incumbent Fed chair.
2. Since 2012, Jerome Powell has never dissented from any of the central bank's monetary decisions.
During a drawn out search process, Powell emerged as a centrist, consensus candidate -- a Republican unlikely to raise rates too quickly but amenable to loosening financial regulations in ways long sought by Wall Street.
3. In promoting Powell to the Fed leadership, Trump takes another step toward remolding the central bank in his image, with four vacancies on the Fed's board of governors yet to be filled.
4. Jerome Powell is a former Carlyle Group executive, and has also worked in president George H.W. Bush's Treasury Department, as well as at the Bipartisan Policy Center, which considered as a Washington think tank.
5. Reading the current situation, Powell must be focussed upon two things, firstly to minimise the rate of unemployment and to manage the rising inflation.
6. Reports suggest that Powell would be the first chair in decades without an economics degree.
The Federal Reserve System is the central bank of the United States.
It performs five general functions to promote the effective operation of US economy and public interest.
Fed Reserve conducts US' monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the economy.
Jenet Yellen is the first female chief of the US central bank, Yellen was also a defender of the regulations enacted following the financial crisis -- putting her at odds with the current White House's deregulation agenda.
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 "Who is Jerome Powell? Here's all you need to know about new Fed chairman")
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