Jay Powell -- good for investors? Jim Cramer and the other experts on our November Trading Strategies roundtable think so.

President Trump this week decided not to give current Federal Reserve chair Janet Yellen a second four-year term, nominating Powell to the post instead. Powell is a current Fed board member and a former Wall Streeter, having worked at Bankers Trust, The Carlyle Group (CG) and other financial firms.

Cramer said during TheStreet's latest Trading Strategies roundtable that "Jay Powell is the opposite [of Yellen]. I think Jay Powell wants people to get wealthy, and I think that Janet Yellen didn't want people to be poor."

Most panelists at the roundtable agreed that Powell is an investor-friendly pick.

"I don't think we should worry," said Liz Ann Sonders, senior vice president and chief investment strategist at Charles Schwab & Co. "I think he represents continuity in approach to monetary policy -- a consensus-builder, which is similar to both Yellen and [Yellen's predecessor Ben] Bernanke."

Watch More with TheStreet :
Don't miss the best videos of the week. Put Wall Street on Rewind and sign up for our weekly newsletter .

This article was written by a staff member of TheStreet.

More from Video

Women Need More Investing Confidence

Women Need More Investing Confidence

Jim Cramer Dives Into Cannabis and IBM Earnings

Jim Cramer Dives Into Cannabis and IBM Earnings

Last Week's Gold Breakout Wasn't "Real" - Bloomberg Intelligence

Last Week's Gold Breakout Wasn't "Real" - Bloomberg Intelligence

Income Investing in 2018 Is About Spending Habits: Cramer's Investing Teach-in

Income Investing in 2018 Is About Spending Habits: Cramer's Investing Teach-in

Retirees Make One Big Investing Mistake - Not Planning!

Retirees Make One Big Investing Mistake - Not Planning!