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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

RANCHO BERNARDO, Calif. (KGTV) -- For more than one month a North County coyote has been spotted with what looks like piping around her neck. Thanks to determined residents, she'll soon get the help she needs to get the piping off. RELATED: North County woman, neighbors trying to save coyote ensnared in plastic pipingTuesday night a rescue group sent a photo of the coyote, lovingly named "Myrtle," to 10News. Myrtle was first spotted sometime in April. Katie Ryan lives in the area and kept an eye on the animal's condition as she continued to pop up around the neighborhood. Side-by-side photos showed Myrtle had lost a dramatic amount of weight since she was first spotted - likely because of the piping around her neck. RELATED: Rancho Bernardo neighbor works to save mother coyote ensnared in pipingFor weeks Ryan and The Fund for Wildlife Animal Center worked to trap the coyote with no luck. Last week the animal center told 10News once Myrtle was caught they would have room for her, and experts ready to help. 1078

PRINCETON, N.J. — Princeton University has announced plans to remove the name of former President Woodrow Wilson from its public policy school because of his segregationist views, reversing a decision the Ivy League school made four years ago to retain the name.University president Christopher Eisgruber said in a letter to the school community Saturday that the board of trustees had concluded that “Wilson’s racist views and policies make him an inappropriate namesake” for Princeton’s School of Public and International Affairs and the residential college.Eisgruber said the trustees reversed their April 2016 decision in light of the recent killings of George Floyd and others. Floyd's death sparked weeklong protests against systemic racism and police brutality. 776

Rear Adm. Ronny Jackson has withdrawn as President Donald Trump's nominee to lead the Department of Veterans Affairs, he said in a statement Thursday morning.His nomination was hampered by a flurry of allegations about Jackson's professional conduct.In a statement announcing his withdrawal, Jackson slammed allegations of improper behavior leveled against him as "completely false and fabricated.""If they had any merit, I would not have been selected, promoted and entrusted to serve in such a sensitive and important role as physician to three presidents over the past 12 years," Jackson said. "Going into this process, I expected tough questions about how to best care for our veterans, but I did not expect to have to dignify baseless and anonymous attacks on my character and integrity."Jackson said he was motivated to withdraw from consideration because the allegations against him "have become a distraction" for Trump and his agenda."Unfortunately, because of how Washington works, these false allegations have become a distraction for this President and the important issue we must be addressing -- how we give the best care to our nation's heroes," Jackson said. "While I will forever be grateful for the trust and confidence President Trump has placed in me by giving me this opportunity, I am regretfully withdrawing my nomination to be Secretary for the Department of Veterans Affairs."Speaking on "Fox & Friends" Thursday morning, Trump said Jackson's withdrawal was not unexpected."I even told him a day or two ago I saw where this was going," Trump told Fox News' "Fox & Friends" over the phone, later adding that "it's a disgrace."The President also said all the allegations against Jackson were false, saying the White House physician's opponents are "trying to destroy a man." 1813

Puerto Rico was hit with a massive power outage, the power authority said Thursday -- nearly seven months after Hurricane Maria destroyed much of the island's infrastructure and its electrical grid.The Puerto Rico Electric Power Authority, known as PREPA, said a tree fell on a major power line, knocking out service to 870,000 customers, about half of its clients. The utility tweeted an image it says was of the tree that fell across a power line near the southeast mountain town of Cayey.Major blackouts were reported from the northern coastal town of Manatí to Yabucoa, roughly 50 miles southeast.The blackout also includes the capital of San Juan, the most populated area of the island."We are devastated at this point," Cynthia García Coll, an educational psychologist who lives near San Juan, told CNN. "Every time this happens we go into PTSD mode."San Juan Mayor Carmen Yulín Cruz said it could take eight to 16 hours for electricity to be restored. 966

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