Trump nominates Powell for next Fed chairman

Associated Press

WASHINGTON

President Donald Trump on Thursday announced his choice of Federal Reserve board member Jerome Powell to be the next chairman of the nation’s central bank, succeeding Janet Yellen, the first woman to have the position.

Trump made the announcement in a Rose Garden ceremony with Powell standing next to him.

Trump said Powell had earned the “respect and admiration of his colleagues” during his five years on the Fed’s seven-member board.

Trump also praised Yellen, whom he decided not to nominate for a second term, as a “wonderful woman who has done a terrific job.”

In his remarks, Powell said it had been a privilege to serve under both Yellen and former Fed Chairman Ben Bernanke, saying he shared their sense of mission and dedication and said he would do “everything within my power” to achieve the Fed’s congressionally mandated goals of “stable prices and maximum employment.”