WASHINGTON, Nov. 2 -- U.S. President Donald Trump on Thursday announced his nomination of Jerome Powell to chair the Federal Reserve, a replacement who is widely expected to stay on the course on monetary policy.
If confirmed by the U.S. Senate, Powell, the 64-year-old Fed governor and former investment banker, would take over as head of the world's most powerful central bank in February when current Fed Chair Janet Yellen's term expires.
Powell's nomination is widely regarded as a "safe choice" for the Trump administration, as he holds similar views with Yellen in terms of monetary policy approach and he is open to deregulation which the administration is advocating.
"He has proved to be a consensus builder for the sound monetary and financial policy that he so strongly believes in," Trump said in an announcement at the White House.
"Based on his record, I am confident that Jay has the wisdom and leadership to guide our economy through any challenges that our great economy may face," he added.
A native Washingtonian, Powell received an A.B. in politics from Princeton University in 1975 and earned a law degree from Georgetown University in 1979.
He previously served as undersecretary at the Treasury Department in the George H.W. Bush administration, with responsibility for policy on financial institutions, the Treasury debt market, and related areas.
Following the public service, he became a partner at the Carlyle Group from 1997 through 2005, and amassed considerable wealth.
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