Trump Picks Federal Reserve Insider Jerome Powell To Be Its Chairman

Jerome Powell to be new Fed Reserve Chair

President Trump on Thursday named Jerome Powell to be the next chair of the Federal Reserve, the first time in decades that a president hasn't reappointed a chief of the central bank for a second term.

If confirmed by the Senate, Powell, 64, will succeed Janet Yellen — the first woman to head the Fed — whose term expires in February. Powell, a current member of the Fed's board of governors, is expected to pursue policies largely in line with the gradual interest rate hikes of the Yellen-led Fed.

Trump said there's a need for "strong, sound and steady leadership at the Federal Reserve" and that Powell will "provide exactly that type of leadership."

Appearing with the president at the White House, Powell said he would work toward the Fed's goals of achieving stable prices and maximum employment.