President Trump will announce Thursday his nominee to serve as chairman of the Federal Reserve, a senior White House official said Monday.

Trump is expected to nominate Fed Governor Jerome Powell, a Republican, to replace current Fed Chair Janet Yellen. The president teased his upcoming decision on Friday, promising to nominate “a person who hopefully will do an absolutely fantastic job.”

Trump is reportedly choosing from among Powell, Yellen, and Stanford University economist John Taylor to lead the Fed after Yellen’s term ends in February.

Powell had overseen the Fed’s financial regulatory efforts, and earned the support of Treasury Secretary Steven Mnuchin Steven Terner MnuchinShutdown clash looms after Democrats unveil spending bill Lawmakers fear voter backlash over failure to reach COVID-19 relief deal United Airlines, unions call for six-month extension of government aid MORE though their working relationship.



He’s previously been confirmed by a Democrat-controlled Senate. However, he was opposed in 2012 by 20 Republicans, including GOP leaders such as Sens. John Cornyn John CornynTumultuous court battle upends fight for Senate Texas Democrats roll out first wave of planned digital ads as Election Day nears Calls grow for Biden to expand election map in final sprint MORE (Texas) and John Thune John Randolph ThuneGraham: GOP will confirm Trump's Supreme Court nominee before the election Tumultuous court battle upends fight for Senate What Senate Republicans have said about election-year Supreme Court vacancies MORE (S.D.).

Trump has also considered White House National Economic Council Director Gary Cohn and former Fed governor Kevin Warsh for the spot, though both have slim chances of being selected.