President Donald Trump is reportedly expected to tap the next chair of the Federal Reserve this week, a position that has a unique role in directing the American economy.
In a nutshell, the Fed promotes banking stability and influences the economy by setting interest rates: low rates to boost the economy, higher rates to avoid inflation.
But the Fed chairman doesn't set those rates. Instead, he or she has to get other leaders within the Fed to come to a consensus.
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Twice a year, the Fed chair also has the responsibility of explaining to Congress what it's doing.
Current chair Janet Yellen is eligible for another term after hers ends in February.
But reporting suggests Trump is likely to pick Jerome "Jay" Powell, a Republican lawyer who has been a member of the Fed's Board of Governors since 2012. He's also the reported favorite pick of Treasury Secretary Steven Mnuchin.
Powell is said to face the least resistance in getting Senate confirmation: He's seen by Democrats as likely to stick to the path laid out by Yellen, and his private sector experience would likely be a plus for Republicans.
Trump is expected to announce his pick Thursday. According to Politico, Powell is the candidate most likely to go along with the administration's tax reform agenda. Republicans are scheduled to release that plan on Wednesday.
