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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 SANTA FE, Calif. (KGTV) - A Fairbanks Ranch home damaged in a fire was once listed on Airbnb as a ‘mega mansion’ for rent, multiple sources show. The home in the 6800 block of Spyglass Lane caught fire Sunday night and burned for two hours until the flames were knocked down. A cleaning crew was in the home but escaped without injury. A Zillow listing for the 20,000 square foot house indicated it was on sale for almost million. It was previously available for rent for ,500 per week.“Magnificent Venetian palace in chic guard-gated Del Rayo Estates in the exclusive enclave Rancho Santa Fe, minutes from the Golf Course, Del Mar Racetrack & Beach,” the listing on Zillow reads. “In the past, the property has generated 0,000 in income from short term rentals.” RELATED: Crews knock down Fairbanks Ranch mansion fireAlthough a previous Airbnb listing was removed by Monday, an article about the most expensive U.S. rentals on farandwide.com reported the home had been available for rent as of November 2018. There was no immediate word on whether the home had been rented Sunday. “This vast property in Rancho Santa Fe is 21,000 square feet, can accommodate up to 14 guests in seven bedrooms, and has an acceptable eight and a half bathrooms,” according to the article. Other amenities listed on Zillow included a bowling alley, yoga studio, wine cellar, elevator, guest house, 3,000 square foot kitchen, tennis court, and a pool with a waterfall. The cause of the fire remains under investigation. 1528

President Donald Trump took action Wednesday to make it a little easier for the nation's military spouses to find employment as their families deploy domestically and abroad.The President signed an executive order aimed at increasing opportunities for military spouses to obtain federal jobs and encouraging agencies to increase their use of the noncompetitive hiring authority for military spouses. Trump said he hoped the executive action would encourage private-sector businesses to follow suit in their hiring practices.Speaking to a crowd of military spouses at the White House, the President said, "Your support is essential to making our military the mightiest fighting force in the world and getting stronger all the time."He continued, "We can never repay you for all that you do. We know what you do, and your spouse knows what you do. We can never repay you for that, but we can and we will give you the opportunities you deserve."The unemployment rate for military spouses is 16%, four times the national average for female adults, a statistic the President noted.A survey of military families released last June from Hiring Our Heroes, a US Chamber of Commerce foundation, found that unemployment and underemployment are major challenges for the spouses of service members, 92% of whom are female. Among military spouses who are employed, 14% are in part-time jobs and half of that part-time group wants full-time work.Trump promised, "We are going to change that, and we are going to change it as quickly as we can. It will go fast."While many military spouses choose "portable" career paths like teaching or nursing or law, those often have state-specific licensing requirements that present barriers with each new move.The Trump administration is building on the work begun by former first lady Michelle Obama and former second lady Jill Biden, who through their Joining Forces initiative called on US governors to streamline licensing and credentialing for the military community."Even though all 50 states have addressed this issue in some way, we know that there are still plenty of gaps and challenges that we need to work on, so as far as I'm concerned, our work here definitely isn't finished," Michelle Obama told the Military Times in 2016.The licensing barriers sometimes force spouses to choose between advancing their own careers and moving from place to place with their service member husband or wife."We're working with states across the country to encourage them to remove licensing barriers so that spouses who work in careers such as teaching, nursing and law, many others, also can get a job in their profession no matter where they move," Trump said Wednesday.The administration has been working to address the challenges of military spouse employment for several months. Counselor to the President Kellyanne Conway and senior adviser Ivanka Trump held a listening session with military spouses last August, and they have since had meetings on the topic.The White House's own Office of Public Liaison Deputy Director Jennifer Korn, who was present for the signing of the executive order Wednesday, is the wife of a Marine."One of the biggest challenges is, do I leave my career or do I leave my husband?" Korn said at the listening session last year."At different points of my career, I have left my career. A couple times, me and my husband have lived apart, at one point three years apart while he was on back-to-back deployments. It's very difficult if you have to choose." 3519

Raptors spokesperson on release of video footage involving team president Masai Ujiri and a Bay Area police officer in moments after end of 2019 NBA Finals: pic.twitter.com/sPq6y1tbw5— Adrian Wojnarowski (@wojespn) August 19, 2020 238

Researchers in England say they have the first evidence that a drug can improve survival from COVID-19. A steroid called dexamethasone reduced deaths by up to one third in severely ill hospitalized patients, according to results released Tuesday. The study was led by the University of Oxford and involved thousands of patients randomly assigned to get the drug or just usual care. Dexamethasone reduced deaths by 35% in patients who needed treatment with breathing machines and by 20% in those only needing supplemental oxygen. It did not appear to help less ill patients. 581

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