Jerome Powell was sworn in as the new chairman of the US Federal Reserve on Monday, succeeding Janet Yellen. Powell said his policies would largely mirror those of his predecessor.  

JEROME POWELL, CHAIRMAN US FEDERAL RESERVE "I'm also pleased to report that our financial system is now far stronger and more resilient than it was before the financial crisis that began about a decade ago. We intend to keep it that way."

Sixty-five-year-old Powell has been on the Federal Reserve Board of Governors since 2012. He was nominated by President Donald Trump last November. Powell is the first US Federal Reserve chair in 30 years to not hold an economics doctorate degree. The new chairman said his policies would support strong job growth and price stability. Experts believe he will continue the gradual monetary policy normalization strategy laid out by Yellen.