If confirmed by the Senate, Powell will relieve Fed Chairwoman Janet Yellen when her term expires in February.
The 64-year-old Republican was appointed to the board of governors by President Obama in 2012. He had no formal training in monetary policy but his private industry experience more than made up for that.
“His experience in private equity affords him a unique vista on shadow banking, and his background in politics is critical for dealing with the craziness that is DC these days,” said Money Strong founder Danielle DiMartino Booth. “He’s not a Ph.D. in economics, which too few are highlighting in my view.”
The announcement is scheduled for 3:00 pm EDT.
Powell is expected to keep interest rates low with slow, steady increases as Yellen has done, but is likely to have a lighter hand on the regulatory side.
“The healthy state of our economy and favorable outlook suggest that the FOMC should continue the process of normalizing monetary policy,” Powell told the Economic Club of New York in June. “The Committee has been patient in raising rates, and that patience has paid dividends.”
Powell’s confirmation should happen without difficulty as he has been twice confirmed for his current position on the board of governors.