Fed governor Jerome Powell is reportedly Trump's most likely pick for Fed chair

President Trump is reportedly leaning toward Jerome Powell, a former investment banker and Treasury Department undersecretary who is presently serving on the Federal Reserve's board of governors, as his pick to replace the Obama-nominated Janet Yellen as the new Fed chair when her term expires in February. Both CNN and The Wall Street Journal on Saturday reported Trump has "settled" on Powell but "hasn't made a formal decision and could still change his mind."

Powell was nominated to his current post by former President Obama, which could help his Senate confirmation process. He has a good working relationship with Treasury Secretary Steven Mnuchin, who also hails from Wall Street. Powell would be the first fed governor in years to hold a law degree rather than a Ph.D. in economics, and he is expected to basically maintain the central bank's status quo if selected.

Whatever the decision may be, Trump's announcement is anticipated to arrive this coming week. "I have somebody very specific in mind," he said in an Instagram video Friday. "I think everybody will be very impressed."

The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up