President Donald Trump announced Thursday he has selected Jerome H. Powell to be the next chairman of the Federal Reserve. Powell, a longtime Republican, has been a member of the Fed’s board of governors for five years.

“I hope the Senate will swiftly confirm him once again,” Trump said in an announcement Thursday at the White House Rose Garden. He also called the nominee a “consensus builder,” who understands what it will take to grow the economy.

The president said he is “confident [Powell] has the wisdom and leadership to guide our economy through any challenges that our great economy may face.”

Powell said he was “honored and humbled by this opportunity to serve our great country.”

Differing slightly from Trump’s often-bleak description of the economy after eight years of President Barack Obama’s stewardship, the Fed nominee called it “far stronger” than before the 2008 economic crisis.

Senate Banking and Finance Chairman Michael D. Crapo commended the president’s pick.

“I commend the President on his choice and look forward to sitting down with Governor Powell to discuss his vision for the Federal Reserve, and how we can strike the proper balance between the need for a safe and sound financial system and the need to promote a vibrant, growing economy,” the Idaho Republican said in a statement.