Trump nominates Jerome Powell as new Fed chairman
U.S. President Donald Trump has officially nominated Jerome Powell as the next chairman of the Federal Reserve.
Considered a soft-spoken centrist when it comes to interest rate hikes, he will replace Janet Yellen when her term ends in February next year.
Park Jong-hong has this report.
Ending months of speculation, Jerome Powell has been tapped as the head of the world's most powerful central bank.
At the White House Thursday, President Trump announced his choice,... calling Powell a strong, committed and smart leader.
“If he is confirmed by the Senate, Jay will put his considerable talents and experience to work leading our nation's independent central bank which has the critical responsibility to set monetary policy and monitor our banking system as a whole. There are few more important positions than this."
President Trump also noted that his nominee has the leadership needed to sustain the economic progress being made by the U.S.
"I will do everything within my power to achieve our congressionally assigned goals of stable prices and maximum employment."
Powell, a 64-year-old lawyer and former investment banker, had served at the Treasury Department during the George H.W. Bush administration and joined the Fed as a governor in 2012 after being nominated by former president Barack Obama.
He has backed Fed Chair Janet Yellen's general direction on monetary policy and is widely considered a centrist on monetary policy with a down-to-earth, pragmatic character.
In recent years, he shared Yellen's concerns that weak inflation justified a steady and cautious approach to raising interest rates.
Experts say the choice reflects Trump's position that a low interest rate policy is needed to achieve three percent economic growth.
If he's ratified by the Senate, Powell will be the first Fed chair in 30 years without a doctorate degree in economics.