According to the Hill, it is confirmed that Powell, a Republican appointed to the Fed by President Obama in 2012, will replace Fed Chair Janet Yellen, whose term leading the bank ends in February.
"He has proven to be a consensus builder. I am confident that [he] has the wisdom and leadership to guide our economy," Trump said.
He served as a Treasury Department undersecretary during the George W. Bush administration.
Before joining the Treasury Department, Powell worked as an investment banker in New York City.
In 2012, the Wall Street Journal reported that Powell is the wealthiest member of the Federal Reserve Board of Governors.(ANI)