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00:00:00
>> Governor Jerome Powell.>> President Trump, breaking with tradition Thursday, choosing to nominate Federal Reserve Governor Jerome J.Powell as the next head of the Federal Reserve, instead of nominating current chief, Janet Yellen for a second term. Powell a lawyer by trade with time on Wall Street and a stint in the George H.W Bush White House not expected to stray far from the Fed's.
00:00:22
Post financial crisis action plan, making him the perfect pick says Reuters Fed watcher Howard Schneider.>> As one analyst put it to me today, Trump faces a problem. He needs the Yellen fed without Janet Yellen. Jerome Powell's been sitting there helping develop those policies since 2012. So, part luck, part logic, it makes sense on substance, it makes sense on the politics.
00:00:47
>> At the same time, Republicans see in Powell something they really want. Someone more friendly towards rolling back bank regulations. Here's Powell at a Reuters summit last month.>> There was always going to be a time when we would look back, and this is that time and say, all of this innovative new regulation, far more demanding, we're gonna look back and say, is it done right?
00:01:11
I think it's about looking at places where we can carry out Congress's will and preserve financial stability, and safety and soundness, but do it more efficiently.>> Finding the right balance on regulation won't be his only challenge, top of the list. How to manage policy if the proposed GOP tax cuts overheat the economy and shoved the Fed off it's long held gradual pace of interest rate hikes.
00:01:36
>> Powell's gonna get the fallout from Donald Trump. Yellin got the bump in the markets and what not to the extent things start to happen in Congress over the next year that may change the course of the economy for better or worse. Jay Powell is now gonna have to deal with that.
00:01:55
>> With confirmation likely, Powell takes over in February.>> Congratulations, Jay.>> Thank you, Mr. President.