President Trump announced his nominee for the next chairman of the Federal Reserve Thursday afternoon, in a White House Rose Garden ceremony.

Trump’s pick for the position is Federal Reserve Governor Jerome Powell.

Powell, a Republican, was first appointed as the governor by President Obama in 2012 after serving as a Treasury Department undersecretary during the George W. Bush administration.

If confirmed, Powell will replace Fed Chairwoman Janet Yellen, a Democrat who has led the bank since 2014. Yellen’s term as chairwoman ends in February, but her 14-year term on the Federal Reserve Board doesn’t expire until January 2024.

One of Powell’s first decisions will be whether to invite Yellen to remain on the board.