President Trump to Decide on Fed Chairman Within 3 Weeks

President Trump to Decide on Fed Chairman Within 3 Weeks

President Trump to Decide on Fed Chairman Within 3 Weeks

US President Donald Trump said he has held 4 meetings to discuss who should lead the Fed starting early next year and expects to decide within 3 weeks.

President Trump made the disclosure in comments to reporters on the White House lawn. He did not name the candidates he has met with. But a White House official said the President and US Treasury Secretary Steven Mnuchin met Thursday with Kevin Warsh, a former Fed board member.

President Trump has also met with Jerome Powell, the only Republican on the Fed board.

President Trump has said that he is considering re-nominating Chairwoman Janet Yellen when her term ends in February. But, that he is also looking at other candidates including Gary Cohn, the head of his National Economic Council.

President Trump told reporters earlier this month that he liked and respected Ms. Yellen, but had not yet decided.

In an interview this Summer, President Trump mentioned Mr. Cohn as another candidate for the Fed’s top job.

Messrs Cohn and Mnuchin have taken the lead in crafting The Trump Administration’s tax plan, unveiled Wednesday.

Ms. Yellen, asked last week whether she had met with President Trump recently, said she had not done, since a brief discussion they had after President Trump took office. Ms. Yellen has said she plans to serve out her current term, but has declined to say whether she would accept another 4-year term if asked.

One other who has been mentioned for the top Fed job is John Taylor, a Stanford University economist and a favorite of conservatives for his support for a rules-based approach to setting interest-rate policies.

There are 3 vacancies on the Fed board, and there will soon be a 4th. Vice Chairman Stanley Fischer plans to step down in October.

To date, President Trump has moved to fill just 1 of the vacancies, nominating Randal Quarles to the board to be vice chairman for bank supervision. His nomination is pending before the US Senate.

Have a terrific weekend.

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