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President Trump nominated Federal Reserve Governor Jerome Powell on Thursday to lead the world's most influential central bank.A Fed governor since 2012 and former Treasury official under the George H.W. Bush administration, Powell will replace current Fed Chair Janet Yellen. Yellen was nominated in 2013 by President Obama. Her term as the central bank's first female leader expires in February.It will be the first time in four decades that a new president hasn't asked the current Fed chair to stay on for a second term.Powell was among five candidates considered for the job. Also on the president's short list: former Fed governor Kevin Warsh, Stanford University economist John Taylor, the president's top economic adviser, Gary Cohn and Yellen.Ahead of Trump's formal announcement Thursday, Cohn praised the president's choice. "I'm really supportive of the president's decision -- and it's a great decision," he said speaking before The Economic Club of Washington.Related: Fed leaves interest rates alone and waits for TrumpThe position of Fed chair requires Senate confirmation. Republicans currently hold the majority and would be able to confirm Powell without any Democratic support, if necessary.At 64, Powell has been Yellen's ally on monetary policy, while also calling for easing some of the regulations on banks put in place after the 2008 financial crisis.Unlike almost all of his predecessors in the position, Powell is not an economist by training. Instead, he was a lawyer and former partner at private-equity firm, Carlyle Group.Two immediate challenges face Powell once he is confirmed in the role: How quickly to raise interest rates and how to continue to safely unwind the Fed's hefty balance sheet.It's the job of central bankers to shift policy levers, nudging interest rates higher or lower, to boost jobs and keep prices, or inflation, at the optimal level.What's made their job trickier is that inflation is signaling the Fed should not increase rates. But economic growth and a low unemployment rate of 4.2% are saying it should.Related: Powell would be the first investment banker to chair the Fed Powell has been supportive of Yellen's plan to gradually raise interest rates, if there are continued signs of improvement in the economy."The economy is as close to our assigned goals as it has been for many years," said Powell in a June speech at the Economic Club of New York. "Risks to the forecast now seem more balanced than they have been for a some time."Powell will also have to oversee how the central bank continues to shed some of the .5 trillion in investments it made in order to prop up the economy after the financial crisis. The Fed began the process of unwinding almost a decade's worth of stimulus investments in September.For years, the central bank piled up purchases of Treasury and mortgage-backed securities, a strategy intended to stimulate the economy by reducing borrowing costs for everyone. At the time, it also reduced its benchmark interest rate to zero, and only began raising it in December 2015, seven years after the crisis.Related: Fed taps Jerome Powell to head oversight of 'too big to fail' banksPowell voted in favor of winding down the Fed's balance sheet. And like Yellen, he's left the door open for a new round of asset purchases in the event of another crisis.In April, the Fed tapped Powell to serve as the new point man overseeing how Wall Street banks are regulated after Daniel Tarullo, the central bank's regulatory czar stepped down. Tarullo held the position for the past eight years.In this role, the Fed governor has sided with the Trump administration on easing some of the regulatory burdens on banks. He's specifically suggested relaxing the so-called Volcker Rule, which bars banks from taking risky bets with taxpayer money.The-CNN-Wire 3838
President Trump is planning to meet with the family of Spc. Vanessa Guillen on July 29 prior to the #IamVanessaGuillen bill being released.The family is planning to introduce the bill to Congress on July 30. The family will also hold a press conference.The family says the bill would protect soldiers to make sure what happened to Spc. Guillen doesn't happen again.Spc. Guillen's remains were found last week near the Leon River in Texas.The soldier went missing from Fort Hood back in April.Her family believes Vanessa was sexually harassed by Spc. Aaron Robinson. Fort Hood officials say Robinson was the military suspect and died by suicide.Cecily Anne Aguilar, a civilian, was arrested and charged in connection to Vanessa's disappearance. KXXV first reported this story. 783

President Trump just announced that Peas the turkey will get this year's presidential pardon — but added that carrots "refused to concede and demanded a recount." 175
President Donald Trump visited California on Monday to receive an update on the dozens of wildfires that are currently raging across the Western United States.During a visit to McClellan Park, California on Monday, Trump received a briefing from local officials on the status of the fires that have killed 33 people in three states dating back to mid-August.The president then spoke at a ceremony recognizing the California National Guard, which has hundreds of members helping to battle the fires. At the event, he also awarded members with honors.Watch the event below:Trump has remained largely silent on the fires in the past few weeks. However, in recent days, he's taken to thanking firefighters in the region for their work in battling the flames.Trump addressed the fires during a Saturday campaign rally in Reno, Nevada — a city under a dense smoke advisory due to the nearby blazes."My administration is closely coordinating with state and local leaders, and we want to thank the more than 200,000 people that are working on it and 28,000 firefighters and first responders who courageously and bravely are fighting out there," Trump said.He added that California, Oregon and Washington had "never had anything like this," and stressed the need for better "forest management." 1293
President Donald Trump tweeted on Monday that Sec. of Defense Mark Esper has been terminated.Trump added that he has tasked Christopher C. Miller to take over as Acting Sec. of Defense.Esper took over as Acting Sec. of Defense in June and was named as the department's director shortly thereafter. Late last week, NBC News reported that Esper had drafted a resignation letter in the days following the 2020 presidential election.Esper has been at odds with Trump throughout his tenure. In June, he said he opposed the President's call to use active-duty military members to break up protests against police brutality in the wake of George Floyd's death.NBC News also reports that Esper plans to help Congress draft legislation that would re-name military bases that honor Confederate generals — a policy that Trump also opposes.Esper was Trump's second full-time Secretary of Defense. Jim Mattis served in the role from 2017 until Jan. 1, 2019, when he resigned following Trump's call to remove U.S. troops from Syria. 1026
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