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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

Presumptive Democratic nominee Joe Biden unveiled plans for racial economic equality on Tuesday before reporters in Delaware.Among the highlights of Biden’s plan, he says he wants to make public and historically black colleges and universities tuition free for families making less than 5,000 per year. He also said that he wants to provide student debt relief to lower income Americans.The Biden campaign released data that says that Black college graduates with a bachelor’s degree hold ,000 more student debt than white graduates. Biden also said that if elected, he would devote 0 billion for small business opportunities for those who have “been structurally excluded for generations.”“We need to make bold, practical investments to recover from the economic mess we’re in, and to rebuild for the economic future our country deserves,” Biden said in prepared remarks on Tuesday.During his news conference, he said that he plans to name a vice presidential candidate during the first week of August. Biden has previously said that he will choose a woman, and the former vice president has faced pressure from within the Democratic party to choose a woman of color.In June, Sen. Amy Klobuchar withdrew from consideration to be his running mate and urged Biden to choose a woman of color to be his running mate. 1329

President Trump has signed the Music Modernization Act into law, a bill that will bring sweeping changes to the way music is licensed and songwriters are paid.Supporters say the Music Modernization Act, championed by Sen. Lamar Alexander (R-Tennessee), will ensure that songwriters get paid fairly for their work in the streaming age.  A key aspect of the legislation is the creation of a new independent entity that will license songs to companies that play music online. The group will then pay songwriters, while digital streaming services, like Spotify or Pandora, can ask for a blanket license. This is the first overhaul to music copyright law in decades. The law will also make sure artists who made music prior to 1972 are paid.Recording artists didn't have any copyright rights in their works until 1972. Kanye West, Kid Rock and John Rich are among artists expected to attend Thursday's ceremony at the White House.   965

Read the letter from now-suspended Cincinnati Reds broadcaster Thom Brennaman apologizing for using a homophobic slur on-air Wednesday evening.As many of you know, I said something hateful on the air Wednesday night, something no one should ever say. Something that someone should ever think.Something that no one should ever feel.Something no one should ever hear.I could try to explain it or tell you about who I am and what I believe, but those things would all be excuses. The simple fact is, what I said was wrong.I used a word that is both offensive and insulting. In the last 24 hours, I have read about its history; I had no idea it was so rooted in hate and violence and am particularly ashamed that I, someone who makes his living by the use of words, could be so careless and insensitive. It’s a word that should have no place in my vocabulary and I will certainly never utter it again.I cannot erase what I have done. The only thing I can do is humbly apologize, accept the consequences of my actions, and resolve to be better and behave differently from now on.To the LGBTQ+ community – I am truly and deeply sorry. You should never be denigrated with crude and hateful language. I failed you and I cannot say enough how sorry I am.To the Cincinnati Reds and all Reds fans – You deserve better from me. I let you down and will work in whatever way I can to show that I am capable of learning from my mistakes and setting an example of which everyone associated with the Reds – management, staff, players, former players, and fans – can be proud.To Major League Baseball – Diversity is a strength of our game, and derogatory language has no place in the booth, on the field, or anywhere else for that matter. I am sorry for the shame I brought upon the game that has been so good to my family and me for nearly 50 years.I have spoken at length with Billy Bean, Vice President, and Special Assistant to the Commissioner of Baseball and an openly gay man, and Evan Millward, WCPO anchorman, who have been generous with their time and patience to help me understand the impact of my actions and provided me with resources to educate myself and work to become a more informed person. With their help, I am going to start improving my understanding of LGBTQ+ issues and not in a way to simply check a box to keep my job but to sincerely have an impact and change. I immediately plan to participate in Diversity, Equity, and Inclusion training and have reached out to PFLAG for resources and guidance.Regardless of what my future holds in broadcasting, my actions have forced me to reflect on who I am and how I want to be seen and thought of. I realize it is more important than ever for us to treat each other with dignity and respect. I need to be better and I must set a better example. I hope the LGBTQ+ community, the Reds and their fans, and the people of Cincinnati can find a way to think better of me. With all the humility I can muster, I ask for your forgiveness.This story was first reported by Thom Brennaman at WCPO in Cincinnati, Ohio. 3065

RAINBOW, Calif. (KGTV) — The wildfires in Australia destroyed many parts of the Outback. But they have also touched off a massive wave of support around the world. Everyone is searching for ways to help not just the families and firefighters, but the animals deprived of their homes. A woman from the tiny town of Rainbow is hoping her handiwork will help the Australian wildlife in a big way.Symphony Ariosta, 31, is a true animal lover. "I love animals. If I could, I would run a rescue myself," Ariosta said. "I figure if I can't, then why not use my talents and trades to help the ones that need it?"RELATED: San Diego Zoo Global supports koala recovery amid devastating Australia wildfiresThe ones in need right now are in Australia. Scientists at the University of Sydney estimate at least one billion animals have been killed in the months-long wildfires. Seeing the images of the animals and the flames on the news reminded Ariosta of the tragedy her family experienced in the 2007 Rice Canyon Fire in Fallbrook. "It's heartbreaking," Ariosta said. "I feel, no matter where in the world you are, if you can help, why not?"She wondered what she could do without breaking the bank. She searched online and found "Rescue Craft Co," a group dedicated to handicrafts."There's wildlife pouches, there are bat wraps, there are little marsupial bags, hanging pouches," Ariosta explained. RELATED: Here's how you can help the victims of the Australian wildfiresThe website offered patterns to make fuzzy little homes for injured and orphaned animals in Australia. Crocheting birds nests is Ariosta's go-to."They're quick, and they're easy to pump out," Ariosta said, with her crochet hook in hand. "So it's kind of my favorite thing to do."In the last three days, she recruited several people from Rainbow and neighboring Fallbrook to join her cause. "Bringing everyone together in that way over a common kind of unifier has really just made a huge difference, and it's brought our community together as well," Ariosta said. RELATED: UCSD Health, San Diego Zoo Safari Park team up to save gorilla's eyesightA tight-knit community, coming together, one stitch at a time. "It might seem a little cheesy, but baby steps are still steps forward, and so that's where we're going from there."Ariosta says a local shipping company called "Going postal" has offered to send the handicrafts every week to Australia, free of charge. She also says she printed out simple patterns and left them at the Fallbrook Library if anyone else wants to join the cause. 2555