US President Donald Trump nominated Jerome Powell to run the Federal Reserve once current Chair Janet Yellen's term expires.
The move follows an extended period of speculation over who would be named to head the central bank, whose aggressive policies have been considered central to a climate of low interest rates and booming asset prices.
Jerome Powell is the richest US Fed Reserve Chairman so far.
Powell led a diverse field of potential nominees that included former Governor Kevin Warsh, Stanford economist John Taylor, chief Trump economic advisor Gary Cohn, and Yellen herself.
Yellen is the briefest-serving Fed chair since G. William Miller served from 1978-79.
Powell was named to fill an unexpired term in 2012 that won't end until 2028.
He is viewed as a convenient choice, someone who likely will continue the programs of the Yellen Fed but allow Trump a chance to put his own stamp on the central bank.
The Fed is in the midst of normalising the historically accommodative monetary policy it had begun to help pull the US from the throes of the financial crisis and the Great Recession.
Under Yellen, the Fed has hiked interest rates four times and is expected to approve another increase in December.
In addition, it is unwinding its $4.5 trillion balance sheet, which primarily consists of bonds the Fed purchased in an effort to drive down mortgage rates and push investors to risk assets like stocks and corporate bonds.
Powell has been part of the Fed's voting consensus since taking his seat, not once veering from the majority's position.
