President Donald Trump formally nominated Jerome Powell as the next Federal Reserve chairman, meaning no second term for current Chairwoman Janet Yellen. WSJ's Jon Hilsenrath explains why Mr. Trump decided to choose a new leader for the central bank. Photo: GettyWASHINGTON—Federal Reserve governor Jerome Powell heads to Capitol Hill on Tuesday for what could be one of the least contentious confirmation hearings for a Fed chair nominee since the financial crisis. The Senate Banking Committee is considering Mr. Powell’s nomination to succeed Fed Chairwoman Janet Yellen when her term as chief expires in February.

Source: Wall Street Journal November 27, 2017 09:56 UTC