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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

Puerto Rico’s elections commission says it has discovered more than 100 briefcases containing uncounted ballots a week after the U.S. territory held its general election, drawing criticism and scorn from voters who now question the validity of the outcomes of certain races. Francisco Rosado, the commission’s new president, said Tuesday that the briefcases were found in a secured vault and blamed the situation on what he said was an underfunded and understaffed administrative board responsible for counting a record number of absentee and early votes. 563

Rent the Runway announced on Friday that they would not be reopening their stores.In a blog post, the clothing rental company said they would focus on expanding their drop-off box program, with their New York flagship store turning into a drop-off-only site. According to the company's website, its locations in San Francisco, Washington D.C., and Chicago are permanently closed.The stores were used for customers to drop off items and swap out for whatever they needed."With customers in 76% of US zip codes and RTR stores in only 5 of them, less than 15% of our customers were served by our stores — but the drop-off capability was so loved by them," the company said in the blog post. "That’s when we knew we had to bring this convenience to even more customers by expanding our Drop-off Box network through key partnerships and retailers."In 2018, the company partnered up with WeWork, Nordstrom, and West Elm as they expanded their return program.Back in March, due to the coronavirus pandemic, the company laid off all of its retail staff "to safeguard the future of our staff and business." 1105

PUEBLO, Colo. -- A Colorado man made a historic leap with his most recent skydive.Tommy Fergeson of Pueblo made his 1,000th jump Saturday, exactly eight years after an accident cost him his left arm.He's now made 343 jumps with two arms and 657 with one.After losing the limb, the "One-armed Skydiver" didn't lose his love for the pursuit and found ways to overcome his obstacles."It's something that when I first started I never dreamed I would hit 1,000 skydives you know? It's taken some years. I'm fixing to turn 58, actually next month I turn 58 but I still love it and I am going to continue to do it, and I'm gonna be with my family and I just love skydiving. It's one of my passions," Fergeson said.After the jump Saturday, Fergeson received his 1000 Jump Wings from the United States Parachute Club.This story was originally published by Tyler Dumas at KOAA. 875

Rebecca Luker was one of the most beautiful voices on Broadway and a lovely person ,,We are all devastated for Danny and for ourselves,,we will never get to witness her talents on stage again ????????RIP Dear Dear Girl?? pic.twitter.com/6qSKhEZZ2c— Bernadette Peters (@OfficialBPeters) December 23, 2020 320

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