When picked by then President Barack Obama as Fed governor in 2017, Powell was one of the wealthiest officials within the central bank, with assets at as much as 55 million U.S. dollars.
"Mr. Powell will bring to the Federal Reserve a unique background of government service and business experience," the White House said in a statement on Thursday.
If confirmed by the U.S. Senate, Powell will become the first Fed chairman without a Ph.D. in economics since 1980s.
Powell has a reputation for being a moderate and consensus builder. He never voted against the Fed's monetary decisions since he joined the central bank in 2017.
He shared similar views to Yellen on the monetary policy front. He supported the central bank to gradually raise interest rates and unwind its 4.5 trillion-U.S.-dollar balance sheet, as a result of the sluggish inflation growth.
At his nomination event, Powell assessed that the U.S. economy made progress toward full recovery, with the economy close to full employment and inflation moving up toward 2 percent target.
Based on this assessment, Powell has supported the central bank to gradually raise rates and reduce the balance sheet. The Fed has raised interest rates four times since the global financial crisis and started to reduce the balance sheet.
Powell openly expressed his concerns about the low productivity growth the U.S. economy is facing and worried that the central bank might lack sufficient room and tools to deal with another economic downturn in the current low interest rate environment.
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