President Trump Picks Jerome Powell to Lead Federal Reserve

President Donald Trump formally announced Thursday that he would nominate Federal Reserve governor Jerome Powell to be the next chairman of the central bank, saying he has the "wisdom and leadership" to guide the economy through any turbulence that arises.

Mr. Trump introduced Mr. Powell in a brief ceremony in the Rose Garden outside the White House.

"If I am confirmed by the Senate, I will do everything in my power to achieve our congressionally assigned goals of stable prices and maximum employment," Mr. Powell said.

If he wins Senate confirmation, Mr. Powell will succeed the incumbent Fed chairwoman, Janet Yellen.

Ms. Yellen was one of five finalists for the job, and Mr. Trump notified her earlier Thursday that she wouldn't be reappointed, a White House aide said.


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(END) Dow Jones Newswires

November 02, 2017 16:04 ET (20:04 GMT)