Prior to Janet Yellen's term ending February 2018, Donald Trump is expected to annouce Jerome Powell as the new chairman of the Federal Reserve. The White House intends to announce the Fed chair selection on Thursday. Powell is no stranger to the Fed and the important role it serves at the heart of the global economy. But some liberal groups, including Fed Up, were disappointed, arguing the selection of Powell is an attempt to make the Fed more favorable to big banks. Read more:Matt O'Brien: Yellen should stay at the Fed whether Trump wants her to or notYellen rejects Trump approach to Wall Street regulation, says post-crisis banking rules make economy safer

Source: Washington Post October 30, 2017 20:16 UTC