WASHINGTON – President Donald Trump nominated Jerome Powell on Thursday to succeed Janet Yellen as chair of the US Federal Reserve.
The nomination of Powell, a member of the Fed Board of Governors since 2012, is not likely to face any serious opposition in the Senate.
“Based on his record I am confident that Jay has the wisdom and leadership to guide our economy,” said Trump upon announcing his decision in the White House Rose Garden with the Powell by his side.
The president emphasized that Powell “has proved to be a consensus builder for the sound monetary and financial policy that he believes in” and he also thanked Yellen for the “dedication and devotion” she has displayed in her four years in the post, calling her an “absolutely ... spectacular person.”
During his campaign, Trump has said he would fire Yellen – whose term expires in February 2018 – if he were elected, although after he met her he said he liked her.
The president’s move was expected by analysts, who see Powell as one who will continue with Yellen’s policy of gradual monetary adjustments and the withdrawal of the huge economic stimulus package that was implemented after the 2008-2010 financial.
Powell, 64, said he was “honored” to be nominated to head the Fed.
In his five years on the Fed Board of Governors, Powell always voted with the majority.
US interest rates are currently pegged at between 1 percent and 1.25 percent, after two hikes so far this year, and it is expected that a new – albeit relatively minor – increase will be implemented at the Fed’s last meeting of the year in December.