RE: Less profit to pay out22 Nov 2021 15:23
UPDATE 1-Bank stocks rise on decision to nominate Jerome Powell for second term as Fed chair
Mon, 22nd Nov 2021 15:17Thomson Reuters
(Adds comments from Financial Services Forum)
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 term by President Joe Biden, a decision
welcomed by the industry.
In a statement 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
other top candidate for the job, will be vice chair, the White
House said.
The S&P 500 bank index was up 2.4%, on pace for its biggest
daily percentage gain in 5 weeks.
Kevin Fromer, CEO of the Financial Services Forum, which
represents the largest eight U.S. banks and their CEOs, offered
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 Price and Pete Schroeder)