Watch UPDATE 1-Financial institution shares rise on determination to appoint Jerome Powell for second time period as Fed chair – Yahoo Finance News

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Watch UPDATE 1-Financial institution shares rise on determination to appoint Jerome Powell for second time period as Fed chair – Yahoo Finance News Youtube HD Video Online

(Provides feedback from Monetary Providers Discussion board)

NEW YORK, Nov 22 (Reuters) – Shares in U.S. banks rose on Monday after Federal Reserve Chair Jerome Powell was nominated for a second four-year time period by President Joe Biden, a choice welcomed by the business.

In an announcement emailed to reporters, Biden paid tribute to the “decisive action” which the Fed had taken in response toe the COVID-19 pandemic.

Lael Brainard, the Federal Reserve board member who was the opposite prime candidate for the job, might be vice chair, the White Home stated.

The S&P 500 financial institution index was up 2.4%, on tempo for its largest each day proportion acquire in 5 weeks.

Kevin Fromer, CEO of the Monetary Providers Discussion board, which represents the most important eight U.S. banks and their CEOs, provided congratulations to Powell and Brainard.

“We expect regulators will continue to hold the largest banks to the high regulatory and supervisory standards that have remained in place to support a resilient and essential part of the U.S. financial system.” (Reporting by Matt Scuffham, Michelle Value and Pete Schroeder)

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