Trump Likely to Announce Powell as Next Fed Chairman

President Donald Trump will likely announce Federal Reserve governor Jerome Powell as his nominee to be the next chairman of the U.S. central bank next week, The Wall Street Journal reports.

The president hasn’t made a formal decision and could still change his mind, several people familiar with the matter have told The Journal. In a video released Friday, Trump said he had “somebody very specific in mind” for the post, and would announce his decision “sometime next week.”

“It will be a person who hopefully will do a fantastic job. I think everybody will be very impressed,” Trump said.

Should Powell be confirmed by the Senate, he would take the helm of the central bank in early February, when Chairwoman Janet Yellen’s four-year term expires.

The Journal adds that Trump had left open the possibility of renominating Yellen for another term, but said in an interview last week that as president, “you’d like to make your own mark.” Powell, a Republican who served as a Treasury Department official in the George H.W. Bush administration, joined the Fed board in 2012 and was confirmed for a full term in 2014, The Journal adds.

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