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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
Recent Vanderbilt University graduates who made a germ-resistant phone case after contracting COVID-19 have now sold 1,000 cases. They are donating as many cases to health care workers."Now that they have them in their hands, just the positive response we have been getting is just something that we weren't fully expecting," said Nick O'Brien.RELATED: College seniors create germ-resistant copper phone case after recovering from COVID-19After contracting the novel coronavirus, Nick O'Brien, Isaac Lichter, and Andrew Medland founded Aeris and created their first product, a copper-coated phone case."Copper is very effective at continuously killing germs, a whole variety of microbes including the novel coronavirus," said Isaac Lichter.In a matter of months, the entrepreneurs who graduated from Vanderbilt, moved to San Diego and are now producing their product on an industrial scale. They are able to fill orders as soon as they come in and make good on their promise to donate a case to a healthcare worker for each one purchased.On Friday, Aeris donated phone cases to Vanderbilt University Medical Center."I am very excited to see what these 250 healthcare workers have to say," said Lichter.Next, the company plans to donate cases to hospitals in their hometowns, including New York City and San Diego.Aeris is working on new designs that incorporate copper."We see the future as copper-covered," said Lichter. "We knew we didn't want to be a phone case company. We see the real value in this."WTVF's Hannah McDonald first reported this story. 1562

President Trump confirmed to reported in the White House Tuesday that he had called Russian President Vladimir Putin to congratulate him on his re-election."I had a call with President Putin and congratulated him on the victory, his electoral victory," Trump said. "The call had to do, also, with the fact that we will probably get together in the not too distant future so that we can ... discuss the arms race."Trump also made comments discussing increased military spending, and said he would also discuss issues relating to Ukraine and North Korea if he were to meet with Putin.Putin was re-elected as Russia's president Sunday, an election he won with 76 percent of the vote — an election that watchdogs said was far from fair but cleaner than in years past.Watch Trump's full comments in the video below. 823
President Donald Trump was removed from his evening coronavirus news conference on Monday after a shooting took place outside of the White House complex, Trump confirmed to reporters. Minutes into his briefing, Trump was told to leave his briefing by a Secret Service agent. Trump said he was not taken to the bunker, and just stepped outside of the briefing room.Trump said that a suspect was shot by law enforcement outside of the White House. Trump complimented authorities for handling the incident. The Secret Service confirmed an officer-involved shooting at 17th Street and Pennsylvania Ave. in Washington. The intersection is roughly one block from the White House, and not far from the West Wing section of the White House, where the White House briefing room is located.The Secret Service said that a male subject and a Secret Service officer were both transported to a local hospital. "At no time during this incident was the White House complex breached or were any protectees in danger," the Secret Service said.The Secret Service issued a statement late Monday indicating that a 51-year-old man told Secret Service officers he had a weapon. 1163
Record high ocean temperatures are bringing large crowds to San Diego beaches. The warm water also has the potential to attract more stingrays and jellyfish to the area.The Scripps Institute of Oceanography reports that surface ocean temperatures reached a record 79.5 degrees Sunday, which is more than ten degrees above normal. That, combined with unseasonably hot and humid weather, brought 333,680 people to City of San Diego beaches over the weekend, city lifeguards estimate. Clarissa Anderson, executive director of the Southern California Coastal Ocean Observing System at Scripps Institute of Oceanography, said it's unclear what has led to the higher temperatures. "The last several years we really have seen these anomalous temperatures every summer," she said, adding that the hot and humid water could be playing a role.The warm waters could also attract more stingrays to plant themselves along the shallow sand and jelly fish in the water just off shore. People who don't shuffle their feet risk a sting from the ray, while jelly fish sting on contact."More people are going to the beach, warmer temperatures, nice water and so you've just got more people and more animals, higher probability of encounter," Anderson said. Anderson said it was unclear how long these high temperatures would last. She noted the county had record low ocean temperatures - based on date of year - just a few weeks ago. 1422
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