Trump nominates Jerome "Jay" Powell for Fed chair - KWWL - Eastern Iowa Breaking News, Weather, Closings

Trump nominates Jerome "Jay" Powell for Fed chair

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(AP) -
   Outgoing Fed chair Janet Yellen has congratulated colleague Jerome "Jay" Powell on his nomination to succeed her next year after her term expires.
   Powell currently serves on the Fed board. Yellen says in a statement that his distinguished career has been marked by "dedicated public service and seriousness of purpose."
   Yellen says she's confident in Powell's "deep commitment" to carrying out the mission of the Federal Reserve, which sets U.S. monetary policy.
   She adds that she will work with Powell to ensure a smooth transition. The Senate must confirm Powell's nomination, which President Donald Trump announced Thursday.
   Yellen is the first woman to lead the Federal Reserve; she'll also be the first Fed leader in decades to be denied a second term after completing a first.
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