Trump to name Powell as next Fed chairman

President Donald Trump is expected to name Federal Reserve board member Jerome Powell to succeed Chairwoman Janet Yellen when her term expires in 2018. Powell, 64, has supported Yellen’s cautious approach to raising interest rates. He spent years working at investment firms, but unlike the past three Fed leaders doesn’t have a doctorate degree in economics. Investment strategist Mona Mahajan of Allianz Global Investors said Powell, like Trump, might be more inclined than Yellen to relax some of the stricter regulations that were imposed on banks after the 2008 financial crisis. “He wants to ease some of the Dodd-Frank rules and relieve some of the pressure on the region and community banks,” Mahajan said.