WATCH: President Trump announces his nominee for next Fed chairman editors

This live event has ended. 

President Donald Trump announced on Thursday his nominee for the next chairman of the Federal Reserve. 

The president tapped Federal Reserve Governor Jerome Powell to take the reins from current Fed Chair Janet Yellen. 

Yellen and Powell, in addition to several others, were rumored as Trump's potential picks. Kevin Warsh, former governor of the U.S. Federal Reserve Board, Stanford University economist John Taylor and White House Chief Economic Adviser Gary Cohn were also reportedly in the running for the position. 

Powell emerged as the front-runner for the top Fed job after a months-long search for a nominee. He will need Senate confirmation to replace Yellen, whose term expires in early February.

Trump made the announcement at 3 p.m. from the White House. 

(Reuters contributed to this report)