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In an address from the Rose Garden at the White House Thursday, President Donald Trump has announced his nomination of Jerome H. Powell as the next chair of the Federal Reserve.
Powell is known as a centrist Republican who is not expected to lead any sharp change of direction for the Fed at a time when the stock market is strong and unemployment is at a 16-year low.
As a member of the Board of Governors of the Federal Reserve since 2012, Powell has supported the Fed's ongoing strategy of gradually raising interest rates and may be friendly to the Trump administration's plan to roll back regulations on financial firms.
Senior Economist at UCLA Anderson Forecast David Shulman told ABC News that interest rates are currently much lower than normal and described the Fed's current strategy of bringing them back up as "normalization."
"His policies will be consistent with [current chairwoman Janet] Yellen on the monetary policy side," said Shulman. "And he's probably less hawkish on regulation."
Economists generally refer to those who favor stricter regulations and higher interest rates as "hawks" and those against as "doves."
Powell has deep roots in the Republican establishment as an assistant secretary and as undersecretary of the Treasury under President George H.W. Bush. Though Powell is known as a Republican, President Barack Obama appointed him for his first Fed position in 2012 and he was reappointed in 2014.
In addition to his government service, the native Washingtonian is also no stranger to Wall Street. Powell was a partner at private equity firm The Carlyle Group for eight years before leaving for the Bipartisan Policy Center as a visiting scholar until his appointment by Obama.
The nomination brings to a close a very public selection process by Trump.
(ABC)
