President Trump Nominates Jerome Powell to be Next FRB Chair

Today, President Donald Trump announced Jerome Powell as his nominee to chair the Federal Reserve Board (FRB), replacing Obama appointee Janet Yellen, whose four-year term ends in February, 2018, NBC News reports.  

Powell, a former investment banker and Carlyle Group executive, with a law degree from Georgetown University and bachelor's degree from Princeton University, is set to take the reins of the FRB when growth is accelerating, inflation is tame, and unemployment is the lowest in 16 years. According to a Bloomberg article, such a backdrop should initially enable a new FRB chairman to keep gradually raising interest rates from historic lows with the aim of stretching out what is already the third longest U.S. upswing.

Praising Powell's "considerable talent and experience," Trump said at the Rose Garden announcement on Thursday afternoon that his nominee has the "wisdom and leadership to guide our economy," and knows "what truly drives American success."

Due to vacancies he inherited and key resignations, President Trump now has the opportunity to fill more seats on the Fed's Board of Governors than any president since then.

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