Trump nominates Jerome Powell for Federal Reserve’s top job

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US President Donald Trump announces his nominee for Chairman of the Federal Reserve, Jerome Powell (L), in the Rose Garden of the White House in Washington, DC, November 2, 2017. / AFP PHOTO / SAUL LOEB (Photo credit:SAUL LOEB/AFP/Getty Images)

WASHINGTON  — President Trump nominated Federal Reserve Governor Jerome Powell on Thursday to lead the world’s most influential central bank.

A Fed governor since 2012 and former Treasury official under the George H.W. Bush administration, Powell will replace current Fed Chair Janet Yellen. Yellen was nominated in 2013 by President Obama. Her term as the central bank’s first female leader expires in February.

It will be the first time in four decades that a new president hasn’t asked the current Fed chair to stay on for a second term.

Powell was among five candidates considered for the job. Also on the president’s short list: former Fed governor Kevin Warsh, Stanford University economist John Taylor, the president’s top economic adviser, Gary Cohn and Yellen.

Ahead of Trump’s formal announcement Thursday, Cohn praised the president’s choice. “I’m really supportive of the president’s decision — and it’s a great decision,” he said speaking before The Economic Club of Washington.

This story is developing and will be updated.