US President Donald Trump has nominated Jerome Powell to replace Janet Yellen as chair of the US Federal Reserve.
Dr Yellen, 71, who was appointed by former president Barack Obama in 2014, is the first chair of the US central bank not to be reappointed to second term since 1979.
She was the first woman to chair the US central bank in its 100-year history.
If confirmed by the Senate, Mr Powell would succeed Ms Yellen when her term ends in February.
Mr Powell, who was introduced by Mr Trump in the White House Rose Garden, said he would work to make sure the Fed stayed "vigilant and prepared to respond to changes" in the market.
He said the US economy had made "substantial progress" since the 2008 financial crisis and the financial system was much stronger.
Mr Powell is currently a governor at the US Federal Reserve and said the Fed understood that monetary decisions "matter for American families" as he awaited confirmation by the Senate.
Mr Trump said Ms Yellen was "absolutely a spectacular person", and said she had served "with dedication and devotion" and the nation was grateful to her.
More to come.
