President Trump on Thursday nominated Jerome Powell to be the next chairman of the Federal Reserve, deciding against reappointing his predecessor’s Democratic appointee to another four-year term.
Powell, a member of the Fed’s board of governors since 2012, would be the wealthiest individual since the 1940s to hold the top government job if appointed. Despite his affiliation with the Republican establishment, he was first nominated to the board of governors by former President Barack Obama.
“As president, there are few things more important than nominating people of integrity to hold trusted positions in public office,” Trump said Thursday, during a ceremony in the White House Rose Garden.
“It is my pleasure and honor to announce my nomination of Jerome Powell to be the next chairman of the federal reserve,” he continued. “He is strong, he is committed, he is smart. And if he’s confirmed by the Senate, he will put his considerable talents to work leading our nation’s central baking system.”
The former New York investment banker, who must be confirmed to the position by the Senate, has worked closely with current Fed Chair Janet Yellen to promote low-interest rates over the past three years, a policy Trump criticized as a candidate but has since embraced as president.
“I do like a low-interest-rate policy, I must be honest with you,” the president told the Wall Street Journal in February.
Powell, who worked at the Treasury Department under George W. Bush, has earned a reputation for working across party lines and “coalition-building,” Trump said Thursday.
“He understands what truly drives American success,” he continued. “I am confident that with Jay, as a wise steward of the Federal Reserve, it will have the leadership it needs for the years to come.”
