President Trump Announces His Pick for Top Job at the Federal Reserve

Dana Ritter
11-02-2017

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WASHINGTON - President Donald Trump announced the appointment of Jerome Powell to be the new chairman of the Federal Reserve Thursday. Powell joined Trump in the Rose Garden for the ceremony.

"I am confident that Jay has the wisdom and leadership to guide our economy through any challenges it may experience," Trump said.

The president emphasized the importance of the Fed position, saying "there are few more important positions than this, believe me, in our federal government."

Powell, 64, supports a cautious approach to interest rate hikes. Investment strategist for Allianz Global Investors, Mona Mahajan, says Wall Street prefers Powell's slow-go approach. Mahajan says Powell may be inclined, like Trump, to relax some of the strict guidelines imposed on banks following the 2008 financial crisis.

Powell thanked his family for their support and said he is "both honored and humbled by this opportunity to serve our country."

Trump thanked current Federal Reserve Chair, Janet Yellen, for her service, saying she has done a "teriffic" job. Yellen was appointed by President Barack Obama in 2013 and has served one term.

Powell faces a confirmation vote in the Senate. If confirmed, he will succeed Yellen when her term ends in February.

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About The Author

Dana
Ritter

Dana Brown Ritter is the Washington, DC Bureau Chief for CBN News. She leads the DC team in coverage of the White House, Capitol Hill, the Supreme Court and other big stories in Washington, as they come up. Prior to returning to CBN News as DC Bureau Chief, Dana was the News Director at WBTW-TV, the CBS affiliate in Myrtle Beach, SC. She's been an Executive Producer at WAVY-TV in the Norfolk-Virginia Beach area, WTAE in Pittsburgh, and a producer at the DC Bureau for Hearst Television. Dana previously worked at CBN News as White House Producer and was the Executive Producer of "The Brody File
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