Yellen or Cohn: Trump’s Candidates To Lead the Federal Reserve

Yellen or Cohn: Trump’s Candidates To Lead the Federal Reserve
Camilo Atkinson

President Donald Trump has announced in an interview on Tuesday that he may renominate Janet Yellen, current Federal Reserve chairwoman, to a second term. He also said that Gary Cohn, the White House National Economic Council Director, is a top contender for the position.

Trump told the Wall Street Journal, that Yellen is “absolutely” running to be the chairwoman of the Federal Reserve for another four-year term.

He praised her work and also reminded her that he would like to keep the interest rates low – and he is sure this will happen, since Yellen has been historically a low-interest-rates person.

“I like her; I like her demeanor. I think she’s done a good job,” Trump said.

Janet Yellen was the vice chairwoman of the Federal Reserve from 2010-2014, then in 2014, she was appointed chairwoman by former President Obama. Her current term will expire on February 3rd, 2018.

A Second Federal Reserve Candidate

The president also said that Gary Cohn, who was present during the interview, was being considered for the job as well.

Cohn is the director of the White House National Economic Council and former Goldman Sachs Group Inc. executive. Mr. Trump said, “I’ve known Gary for a long time, but I’ve gained great respect for Gary working with him, so Gary certainly would be in the mix.”

The president also indicated that there are two or three more candidates to be the head of Federal Reserve, yet he did not identify them. Those candidates probably won’t be announced until the end of the year, since the nomination requires approval by the U.S. Senate.

Trump strongly criticized Yellen and the federal reserve during his presidential campaign in 2015 and 2016, saying that he was more inclined to put other people in her position. However, in April this year, Trump also said that he was open to the possibility of Yellen serving another term.

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