Next Fed Chair Will Help Determine Pace Of Interest Rate Hikes

President Trump says he is very close to making a decision about who will lead the Federal Reserve once Janet Yellen's term expires in February.

The Fed chair is often called the second-most-powerful person in Washington, after the president. By steering interest rate policy, the Fed chair affects economic growth, the pace of job creation and inflation.

The Fed also regulates banks and responds to financial crises. So it has a big effect on our economic well-being.