Sources Say President Trump Will Name Jerome Powell as New Chair of Federal Reserve

It appears President Trump is zeroing in on a choice for next Federal Reserve chair.

Two sources told CNN on Saturday that Trump will likely name Jerome Powell to lead the central bank.

Powell, a Republican, has been a governor on the Fed’s board since 2012, and he was assigned to lead the bank’s Wall Street oversight committee back in April.

Trump has yet to make a formal decision, but the White House said he’d announce his choice next week. He could still change his mind, the sources said.

His apparent lean toward Powell is a major development. For weeks there has been speculation about whether Trump would renominate current Fed chair Janet Yellen to another four-year term.

Yellen was nominated by President Obama in 2013, and her current term expires in February 2018.

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SOURCE: Kevin Liptak and Jackie Wattles 


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