Trump has told Powell that he’ll be nominated for Fed chair: report

President Trump has told Federal Reserve Governor Jerome Powell that he will be nominated to serve as the Fed’s next chairman, The Wall Street Journal reported Wednesday.

Powell, a Republican, had been reported as Trump’s top choice this week by several media outlets. Trump called Powell on Tuesday to inform him of the decision, sources familiar with the talks told the Journal.

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Trump is expected to announce Powell’s nomination on Thursday. If confirmed, Powell will replace Fed Chair Janet Yellen, a Democrat who has led the bank since 2014.

Powell and Yellen share similar views on monetary policy, preferring a slower, steadier increase in interest rates back toward historical averages. Powell, who oversaw the Fed’s financial regulatory efforts until last month, has also called for modest changes to the Dodd-Frank Act with bipartisan support.

Powell was first appointed to the Fed by former President Barack Obama in 2012 and was confirmed by a Democratic-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.).

Conservatives who preferred a cleaner break from the Yellen years have taken issue with Powell’s moderate views. Trump has also considered White House National Economic Council Director Gary Cohn and former Fed Governor Kevin Warsh for the spot, though both are seen as having slim chances of being selected.

Updated: 5:27 p.m.