White House: Trump to announce Fed pick Thursday

President Trump will announce Thursday his nominee to serve as chairman of the Federal Reserve, a senior White House official said Monday.

Trump is expected to nominate Fed Governor Jerome Powell, a Republican, to replace current Fed Chair Janet Yellen. The president teased his upcoming decision on Friday, promising to nominate “a person who hopefully will do an absolutely fantastic job.”

Trump is reportedly choosing from among Powell, Yellen, and Stanford University economist John Taylor to lead the Fed after Yellen’s term ends in February.

Powell had overseen the Fed’s financial regulatory efforts, and earned the support of Treasury Secretary Steven Mnuchin though their working relationship.

He’s previously been confirmed by a Democrat-controlled Senate. However, he was opposed in 2012 by 20 Republicans, including GOP leaders such as Sens. John Cornyn (Texas) and John Thune (S.D.).

Trump has also considered White House National Economic Council Director Gary Cohn and former Fed governor Kevin Warsh for the spot, though both have slim chances of being selected.