Today is the day. President Trump is forecasted to nominate Jerome Powell as the next head of the Federal Reserve this afternoon.
If elected, what will Powell’s role be as the head of the Federal Reserve? Well, the President will be counting on him to keep the country’s economy growing at a steady pace. If this were to happen, the Republicans will reap the political benefits of the tax cuts they plan to detail later today.
The decision to nominate Powell concludes a months-long process in which the president considered five finalists, which included current Fed Chair Janet Yellen. The President’s decision makes a considerable amount of sense seeing as Powell has served as a Fed governor for the past 5 years.
Reports have been circulating for over a week that Powell is the top contender.
According to a source close to the matter, there are no surprises scheduled for Thursday, despite the president having a reputation for weighing decisions up to the last minute. Not only that, but the president praised Yellen on Wednesday, moments after declaring that he will be announcing his nominee the next day. “I think Janet Yellen is excellent,” Trump told reporters. When a reporter asked Trump if Yellen was his pick, he replied: “I didn’t say that.”
Further, Trump said people will be “extremely impressed” with his nominee, who requires Senate confirmation.
According to the president’s public schedule, Trump is set to announce his choice at 3 p.m. at the White House.
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