Trump nominates Jerome Powell for Federal Reserve chair

In an address from the Rose Garden at the White House Thursday, President Donald Trump announced his nomination of Jerome H. Powell as the next chair of the Federal Reserve.
2:11 | 11/02/17

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Transcript for Trump nominates Jerome Powell for Federal Reserve chair
It is my pleasure and my honor to announce my nomination of Jerome Powell. To be the next chairman of the Federal Reserve. Congratulations. And today is another important milestone on the path to restoring economic opportunity. For the American people. It just a short time we have already made incredible strides but have we are to sustain all of this tremendous economic products. Our economy requires sound monetary policy. And prudent oversight. Of our banking system. That is why we need strong sound and steady leadership. At the United States. Federal Reserve. I have nominated Jay to be our next federal chairman. And so important. Because he will provide exactly. That type of leadership. He's strong he's committed he's Smart. And if he is confirmed by the senate. Leading our nation's independent Central Bank. Which has the critical responsibility. To set monetary policy and monetary. Are banking system is a hall. There are a few more. Important positions than this. Believe me in our government Jay has served. On the Federer is where board of governors since 2012. During his five years at the Fed. Jay has earned the respect and admiration of his colleagues for his hard work. Expertise. And judgment. He is proven to be. A consensus builder for the sound. Monetary and financial. Policy that he strong so strongly believes in based on his record. I am confident that Jay has the wisdom and leadership. To guide our economy. Through any challenges. That our great economy may face.

This transcript has been automatically generated and may not be 100% accurate.

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