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WATCH: Donald Trump names Jerome Powell as Federal Reserve chair nominee

President Donald Trump’s choice to lead the Federal Reserve says he will work to make sure the Fed stays “vigilant and prepared to respond to changes” in the market.

Jerome Powell was introduced by Trump in the Rose Garden.

The nominee says the U.S. economy has made “substantial progress” since the 2008 financial crisis and the financial system is much stronger.

Powell says the Federal Reserve understands that monetary decisions “matter for American families” as he awaits confirmation by the Senate.

Trump praised outgoing Federal Reserve Chair Janet Yellen.

The president says Yellen is “absolutely a spectacular person,” and says she has served “with dedication and devotion” and the nation is grateful to her.

If confirmed by the Senate, Powell would succeed Yellen when her term ends in February.

Yellen is the first woman to lead the Federal Reserve; she’ll also be the first Fed leader in decades to be denied a second term after completing a first.

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