Trump expected to nominate former investment banker Jerome Powell as Federal Reserve chair

[BumRushDaShow]

Source: Washington Post

By Washington Post Staff October 30 at 4:07 PM

President Trump is expected Thursday to nominate Jerome Powell, a former investment banker and Fed governor, to lead the the central bank, according to two people familiar with the presidents thinking.

Unlike some of the other candidates Trump considered, Powell has been supportive of slowly raising interest rates, which have been at historic lows for nearly a decade as the Fed looked to help the economy recover from a massive recession.

If confirmed by the Senate, Powell would replace current Fed Chairman Janet L. Yellen, whose term ends in February.

This is a developing story. It will be updated.

Read more: https://www.washingtonpost.com/news/business/wp/2017/10/30/trump-expected-to-nominate-former-investment-banker-jerome-powell-as-federal-reserve-chair/

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Short article.

UPDATE -

Trump expected to nominate Powell for Fed chair

President Trump is expected to nominate Jerome H. Powell as the next chair of the Federal Reserve, according to two people familiar with the president's decision who spoke on the condition of anonymity.

The White House intends to announce the Fed chair selection on Thursday.

If confirmed by the Senate, Powell would begin serving as chair in February, replacing Janet L. Yellen, a Democrat that Trump has at times praised but many Republicans wanted replaced.

Powell, a Republican, is widely viewed as a safe pick who is unlikely to make any dramatic changes to the Fed's handling of the economy at a time when the stock market is soaring and unemployment is at a 16-year low. Unlike some of the other candidates Trump considered, Powell has been supportive of Yellen's policy of slowly raising interest rates, which have been at historic lows for nearly a decade as the Fed looked to help the economy recover from a massive recession. Trump has expressed interest in keeping rates low as he aims to stimulate the economy and get more Americans higher-paying jobs.

[leon8822]

1. Well there goes the economy

[SunSeeker]

5. Yep. nt

[doc03]

2. More draining the swamp nt

[elleng]

3. Posted earlier, In Choice of Fed Chairman, Trump Downgrades Deregulation.

https://www.democraticunderground.com/111681460

'President Trump’s short list of candidates for Federal Reserve chairman all have this much in common: They do not share his frequently professed passion for financial deregulation.

Jerome H. Powell, the Fed governor whose candidacy is said to be backed by Treasury Secretary Steven Mnuchin, participated in the construction of the current rules, and he has defended the bulk of the changes made after the 2008 financial crisis as necessary safeguards for the broader economy.

In an appearance in June before the Senate Banking Committee, Mr. Powell described Mr. Trump’s regulatory plan as a “mixed bag,” adding, “There are some ideas that I would not support.”

[BumRushDaShow]

6. I would rather them keep Yellen in there

but it is what it is.

[SunSeeker]

4. President Pence will regret this bonehead move come 2020. nt

[mpcamb]

7. I'd say- KICK his ass out on principle.

That's what they did to Obama appointees.

Besides, he's contaminated if Trump wants him.
Trump has never picked decent people for positions surrounding him and his low-life cabinet.
Keep ALL of them out of positions of power.

[Al-Anon]

8. The guy is a globalist.

This nomination is quite amusing. One look at his bio and you see that he is the embodiment of the liberal establishment that Bannon rages against.

[Vinca]

9. Trump is such a fool. He just wants to get rid of everything Obama did.

Yellen has been in charge of the economic boom Trump is crowing about, but she was appointed by O so she has to go.