Trump plumps for 'safe pick' Powell to oversee economy

WASHINGTON - US President Donald Trump on Thursday announced his nomination of Jerome Powell to chair the Federal Reserve, a replacement who is widely expected to stay the course on monetary policy.

If confirmed by the United States Senate, Powell, the 64-year-old Fed governor and former investment banker, would take over as head of the world's most powerful central bank in February when current chair Janet Yellen's term expires.

Powell's nomination is widely regarded as a "safe choice" for the Trump administration, as he holds similar views with Yellen in terms of monetary policy approach and he is open to deregulation which the administration is advocating.