Trump Selects Federal Reserve Board Member Powell to Be Next Fed Chairman

Donald Trump said that Jerome Powell is his nominee for the next chairman of the Federal Reserve.

WASHINGTON (Sputnik) — President Donald Trump announced on Thursday that he has nominated Jerome Powell to become the next chairman of the Federal Reserve.

"It is my pleasure and my honor to announce the nomination of Jerome Powell to be the next chairman of the Federal Reserve. Congratulations," Trump said at the White House.

Jerome Powell will succeed Janet Yellen who was the first woman to head the US central bank. Powell has served as a member of the Federal Reserve Board of Governors for five years. Many economists claim that in his monetary policy he is a dove, emphasizing other issues rather than keeping the inflation low, but close to neutral.

Current chairman of the Federal Reserve Janet Yellen advocated against Trump's administrative and fiscal reforms, saying that in economic policy, it’s better to be safe than sorry.