Danny McCance 3 Nov 2017 12:03pm

Trump names his pick for Fed chair

The US president has named Jerome Powell as his nomination for chairman of the Federal Reserve (the Fed), confirming many commentators’ predictions

Powell will replace current chair Janet Yellen – the first female chairman of the Fed, elected by former President Barack Obama in 2013 – following confirmation by the Senate.

A multi-millionaire Republican and former investment banker, Powell has been a member of the Board of Governors of the Federal Reserve System since 2012.

Following a career on Wall Street, he undertook various government roles, including assistant secretary and undersecretary of the treasury under former Republican president George W Bush.

In his nomination acceptance speech Powell said he would do “everything within [his] power to achieve the goals assigned to the Federal Reserve by the Congress: stable prices and maximum employment.”

He also stated that the US financial system was “without doubt far stronger and more resilient” than it was before the financial crisis, adding that he believed US banks were now more aware and better equipped to manage risks.