Trump nominates Jerome Powell as Federal Reserve chief
3 Nov 2017 5:04 PM GMT
Washington: Donald Trump has tapped Jerome Powell to lead the US central bank, denying Janet Yellen a second term, as the president voiced confidence that he would be able to guide the world's largest economy through "any challenges" with his wisdom and leadership.
If confirmed, 64-year-old Powell will succeed Yellen, the first woman to oversee monetary policy, in February, when her four-year term as Federal Reserve chief expires.
"He's strong, he's committed, he's smart," Trump said making the announcement about Powell's nomination at the White House. In replacing Yellen, Trump is breaking with precedent. The previous three Fed chairs were reappointed.
Trump said that he respected Yellen and called her "a wonderful woman who has done a terrific job."
The Fed under Yellen s leadership has sharply reduced unemployment while maintaining control of inflation, coming as close to achieving its congressional mandate as at any time in its history.
If confirmed by the Senate, Powell will put his considerable talents and experience to work, leading US s independent central bank, which has the critical responsibility to set monetary policy and monitor our banking system as a whole, the president said.
Powell, a Republican and multi-millionaire, has served on the Federal Reserve Board of Governors since 2012.
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