President Donald Trump is expected to nominate Jerome “Jay” Powell as the next Chairman of the Federal Reserve, a White House official confirmed to NBC News.
Powell has served on the Fed’s board of governors since 2012, and would replace Janet Yellen, whose four-year term ends in February 2018.
Considered the second-most important job in the country, the likely new head of the central bank is a Republican with no formal training as an economist — but his Wall Street background and business-friendly, pro-deregulation instincts likely appeal to Trump.
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Powell’s nomination would be a status quo move for the president: The economy has performed well under Yellen, and Powell’s statements during his five years as governor indicate that he has, for the most part, agreed with Yellen’s tactics.
“I don’t think he’s going to do much to alter it, at least immediately,” Jim Caron of Morgan Stanley Investment Management told CNBC. “Having been on the Fed, people know him. They don’t view him as an adversarial outsider coming in with an agenda.”
However, in nominating Powell, Trump would be breaking with decades of tradition by not retaining the current Fed chair: Obama kept Ben Bernanke, President Bill Clinton stayed the course with Alan Greenspan, and President Ronald Reagan renominated Paul Volcker.
During his presidential campaign, Trump frequently criticized Yellen, saying at one point “I think she is very political and to a certain extent, I think she should be ashamed of herself. Because it is not supposed to be that way,” he said. Since assuming the presidency, Trump has mellowed in his opinion of the current Fed chair, acknowledging on Wednesday that she was “excellent.”
Trump will officially announce his nomination for Chairman of the Federal Reserve on Thursday afternoon. The position requires confirmation from the senate.