Powell sworn in as Fed chair

WASHINGTON — Jerome Powell was formally sworn in Monday as chairman of the Federal Reserve and vowed to remain vigilant about risks to the financial system.

Powell, a Republican who succeeded Janet Yellen, also said he was committed to “explaining what we’re doing and why we are doing it” as the central bank works to sustain the ongoing economic recovery and oversee some of the nation’s largest financial institutions.

“Today, unemployment is low; the economy is growing, and inflation is low,” Powell said in a video posted on the Fed’s website. “Through our decisions on monetary policy, we will support continued economic growth, a healthy job market and price stability.”

Powell also said that the “financial system is now far stronger and more resilient than it was before the financial crisis.”

“We intend to keep it that way,” Powell said. “My colleagues and I will remain vigilant, and we are prepared to respond to evolving risks.”

Powell has served as Fed governor since 2012 and supported Yellen’s gradual increase in interest rates and tougher oversight of the nation’s largest banks.

— From wire reports