WSJ reports Trump picks new leader for Federal Reserve: Who is Jerome H. Powell?

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Jerome H. Powell (Photo courtesy of Bipartisan Policy Center)

The Wall Street Journal reported Wednesday that President Donald J. Trump plans to nominate Jerome H. Powell to succeed Janet L. Yellen, the current chairwoman of the Federal Reserve Board of Governors.

According to the WSJ:

The White House has notified Federal Reserve governor Jerome Powell that President Donald Trump intends to nominate him as the next chairman of the central bank, according to a person familiar with the matter.

The president spoke with Mr. Powell on Tuesday, according to another person familiar with the matter who couldn’t describe what they discussed.

Mr. Trump had settled on Mr. Powell by Saturday, but people familiar with the process had cautioned that he could change his mind. The president plans to formally announce the decision Thursday before he leaves for a trip to Asia on Friday.

Powell, a graduate of Princeton University and Georgetown Law School, was nominated to the board in 2012 by President Barack Obama, but he is considered a Republican, having served as both the assistant secretary and as undersecretary of the Treasury under President George H.W. Bush.

At Georgetown Law, he was the editor-in-chief of the Georgetown Law Journal.

His business career, Powell worked as an investment banker and attorney. From 1997 to 2005, he was a partner at The Carlyle Group, a private equity firm. Before his joining the Federal Reserve Board, Powell was a visiting scholar at Washington’s Bipartisan Policy Center.

A resident of Chevy Chase, Maryland, Powell is married with three children.