Trump taps Jerome Powell as Fed chair

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."