As Janet Yellen’s tenure as the Chairman of the Federal Reserve Bank comes to a close, here are some of the candidates that could replace her at the end of her term next February.
With reports that Yellen plans to serve out the entirety of her term as the Chairman of the Federal Reserve Bank, President Trump has until February to select a replacement.
Bloomberg Politics compiled a short list of potential candidates whose names have floated around in talks about the position.
President Trump’s Senior Economic Adviser Gary Cohn has been in the spotlight with regards to the Fed appointment due to a Politico report that named him as the President’s top choice. Despite the rumors, Cohn has denied interest in the position.
“No, I have a great job right now,” he said when asked about the position. “Serving the president has been a dream come true.
According to the Politico report, the Trump administration is especially interested in Cohn taking the position.
“It’s Gary’s if he wants it, and I think he wants it,” one Republican source claimed. “He would be easily confirmed,” the source added. “Most of our conservative members like him.”
Before joining the Trump administration, Cohn worked at Goldman Sachs for more than 25 years, including a decade-long stint as president.
Warsh is a former governor of the Federal Reserve System and a distinguished visiting fellow at Stanford University’s Hoover Institution, a conservative-leaning public policy think tank. He served as a governor of the Federal Reserve System from 2006 to 2011, during which time he used his past experience on Wall Street to calm the brewing financial crisis.
Warsh is the spouse of Jane Lauder, heir to the Estée Lauder cosmetics firm that is worth approximately $9.22 billion.
Taylor, a professor at Stanford University, is best known for a monetary-policy rule developed in 1993 that links changes in interest rates to the state of an economy and its inflation.
He has been an outspoken critic of Yellen’s leadership of the Fed, arguing that under her leadership the bank has been too loose with monetary policy.
Taylor, who often argues for high-interest rates in order to combat inflation, may not be the best fit for President Trump, who has described himself as “a low-interest-rate” person.
Hubbard is the Dean of Columbia University’s Business School and served as President George W. Bush’s chief economists from 2001 to 2003. Hubbard authored an economic policy book in 2010 with President Trump’s trade advisor, Peter Navarro.
Powell is the only Republican on the Board of Governors at the Federal Reserve Bank. Before working for Yellen’s Fed, Powell worked at the private equity firm Carlyle Group and served as a senior official at the U.S. Treasury under President George H.W. Bush.
Bloomberg Politics claims that Powell is seen as a “long-shot” for the position.
Tom Ciccotta is a libertarian who writes about economics and higher education for Breitbart News. You can follow him on Twitter @tciccotta or email him at firstname.lastname@example.org