As expected by political pundits and D.C. insiders, President Donald Trump nominated Jerome Powell to succeed Janet Yellen as Chair of the Federal Reserve. A sitting member of the Federal Reserve Board of Governors, Powell is generally considered a safe choice that should easily garner the 51 votes needed for confirmation.
Both Powell, and current Chair Yellen were appointed to their current positions by President Barack Obama. Yellen was the first female nominated to head the Federal Reserve Board of Governors.
Powell is generally considered a Yellen ally who will largely carry on the policies of the last few years, and the stock market initially reacted favorably to Powell’s nomination.
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