President Trump announced Thursday that he will nominate Federal Reserve Governor Jerome Powell to be chairman of the central bank.
Powell, a Republican appointed to the Fed by President Obama in 2012, served as a Treasury Department undersecretary during the George W. Bush administration.
If confirmed, Powell will replace Fed Chair Janet Yellen, whose term leading the bank ends in February.
Powell had been considered Trump’s favorite to replace Yellen for roughly a month. Multiple outlets had reported Trump’s preference for Powell, who’s seen as a slight step to the right of Yellen.
Powell and Yellen have both supported a slow, steady increase in interest rates toward historic averages. The two were among several Obama Fed appointees who argued increasing interest rates too quickly could stifle the recovery from the 2008 recession.
Powell has also called for moderate fixes to the Dodd-Frank Act that have wide bipartisan support among regulators, including Yellen. A former lawyer and investment banker, Powell had overseen the Fed’s financial regulatory efforts until the confirmation of Randy Quarles as the bank’s vice chair of supervision.
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#BREAKING: Trump nominates ex-Bush official to be Federal Reserve chair https://t.co/FBKoVz9D5R pic.twitter.com/lR6PdxYksN
— The Hill (@thehill) November 2, 2017
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