President Donald Trump is set to announce his nominee to be chair of the Federal Reserve on Thursday afternoon. The event is scheduled to start at 3:00 p.m. ET.
It is largely expected Trump will nominate Jerome Powell, who currently serves on the Fed’s board of governors. Powell was appointed to the board in 2012 by then-President Barack Obama.
Once nominated, Powell will have to be confirmed by the Senate, though many, according to The Week, don’t think he will face any obstacles.
Powell would replace current chair Janet Yellen, who would hold the position through February 2018.
Watch the president’s announcement below, via The White House.