President Trump announces Jerome Powell as the next chairman of the Federal Reserve. Photo: Alex Brandon / AP
President Trump nominated Jerome Powell, a member of the Federal Reserve's Board of Governors, to serve as the next chairman of the Federal Reserve, succeeding Janet Yellen. Trump said that Powell's nomination marked an "important milestone on the path to restoring economic opportunity for the American people."
Trump also took the opportunity to praise Yellen, calling her "a wonderful woman who has done a terrific job" and "a spectacular person." He noted that "she has served with dedication and devotion" and stated he was "grateful to her total commitment to public service."
From Powell's speech at the event:
"Inside the Federal Reserve, we understand that monetary policy decisions matter for American families and communities. I strongly share that sense of mission and I'm committed to making decisions with objectivity based on the best available evidence in the long-standing policy of monetary policy independence."