The nominee for Federal Reserve Chair, Powell, claims that the US dollar is the foundation of the global economy.

Federal Reserve Chair nominee Powell said on Tuesday that the US dollar is the "backbone of the global economy," and that the policy on the strength of the dollar falls within the jurisdiction of the Treasury Secretary. Powell stated that both the US and the Federal Reserve benefit from a strong dollar, and pledged to collaborate with the government on matters outside of monetary policy to ensure that the US "remains in control and in a position of strength."