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FILE – In this Thursday, Aug. 21, 2014, file photo, Jerome Powell, governor of the Board of Governors of the Federal Reserve, arrives for a dinner during the Jackson Hole Economic Policy Symposium in Grand Teton National Park near Jackson, Wyo. (AP Photo/John Locher, File) In this Tuesday, Feb. 14, 2017, file photo, Federal Reserve Chair Janet Yellen testifies on Capitol Hill in Washington, before the Senate Banking Committee. (AP Photo/Andrew Harnik, File) WASHINGTON (AP) Two senior administration officials say Federal Reserve board member Jerome Powell is President Donald Trump’s choice to succeed Janet Yellen – who was the first woman to lead the U.S. central bank. Trump plans to make the announcement later Thursday at the White House – and the officials are confirming that Trump’s settled on Powell as the next Fed chairman. The officials weren’t authorized to discuss administration personnel decisions before the president’s formal announcement and spoke on condition of anonymity. MORE: Have we seen this story before? Black Monday 30 years later The 64-year-old Powell is seen as a safe choice. He’s supported the cautious approach to raising interest rates that Yellen has pursued during her tenure. Powell spent years working at investment firms. Unlike the past three Fed leaders, he doesn’t have a doctorate degree in economics. Yellen had drawn widespread approval for her performance as Fed chair. MORE: Trump weighs replacing Fed Chair Yellen with ex-Goldman exec