Trump Announces Pick to Replace Obama-Appointed Federal Reserve Chairwoman

Janet Yellen, vice chairwoman of the Federal Reserve Bank, speaks at the Economic Club of New York, Monday, April 11, 2011. Yellen, the Fed's second-highest ranking official, says the economy is not strong enough for the Fed to begin tightening credit. (AP Photo/Mark Lennihan)

President Donald Trump announced his pick to become the next Federal Reserve chairman.

“As president there are few decisions more important than nominating leaders of integrity and good judgment to hold trusted positions in public office. And few of those trusted positions are more important than chairman of the Federal Reserve,” Trump said while announcing the nomination during a speech Thursday White House Rose Garden.

Trump’s pick, pending Senate confirmation, is Jerome (Jay) Powell.

Powell has served on the Federal Reserve Board member since 2012. If confirmed, Powell will replace Obama-appointed Federal Reserve Chairwoman Janet Yellen.