President Trump nominated Jerome Powell as the next chairman of the Federal Reserve.

“He is strong. He is committed. He is smart​,” Trump said of Powell during an announcement in the White House Rose Garden​ on Thursday​.

​”​Based on his record, I am confident that Jay has the wisdom and leadership to guide our economy through any challenges that our great economy will face​,” the president said. ​

​Trump selected Powell, a member of the Fed’s board of governors and a former Treasury undersecretary in President George W. Bush’s administration, instead of appointing Janet Yellen to a second term.

​The president praised her as “a wonderful woman who has done a terrific job.”

Powell ticked off how the economy has become “stronger and more resilient” since the 2008 crisis.

“I’m committed to making decisions with objectivity … in [the Fed’s] long-standing tradition of monetary policy independence​,​”​ Powell said.