Tags: Donald Trump | Trump Administration | donald trump | name | somebody specific | federal reserve

Trump to Name 'Somebody Very Specific' for Fed Chair

Image: Trump to Name 'Somebody Very Specific' for Fed Chair
(Andrew Harrer/Getty Images)

By    |   Friday, 27 October 2017 06:31 PM

President Donald Trump said Friday that he will announce his choice to head the Federal Reserve next week — and "it will be a person who, hopefully, will do a fantastic job."

Trump disclosed his intentions in a video on Instagram:

Big announcement next week! Together, we will MAKE AMERICA GREAT AGAIN! #USA

A post shared by President Donald J. Trump (@realdonaldtrump) on

"I have somebody very specific in mind," Trump said. "I think everybody will be very impressed."

Trump apparently is leaning toward naming Federal Reserve Governor Jerome Powell to be the Fed's next chairman, according to news reports Friday citing "three people familiar with the matter."

While Trump's decision is not yet final, the individuals cautioned, the preference could deny current Fed Chair Janet Yellen a second term at the central bank.

Yellen, 71, who was appointed chair in 2014 by President Barack Obama, is to end her term in February.

Obama named Yellen Fed vice chair in 2010, and she had spent six years as president of the Federal Reserve Bank of San Francisco.

Former President Bill Clinton appointed her chair of the Council of Economic Advisers in 1997.

Yellen had served more than two years.

Trump had been working from a list of five candidates for chairman that included Yellen and Powell.

The others include Stanford University economist John Taylor, former Fed governor Kevin Warsh and National Economic Council Director Gary Cohn.

Trump ruled out Gary Cohn, 57, who is director of the National Economic Council, earlier this week, according to news reports.

The president has privately told advisers that Cohn was serving well in his current role and that he wanted to keep him at the White House as his tax-overhaul plan works its way through Congress.

Powell, 64, a Republican whom Obama selected to the Fed in 2012, has backed Yellen's gradual approach to raising interest rates.

He also is considered a non-ideological pragmatist.

Powell also has served at the Treasury Department under former President George H.W. Bush, eventually as undersecretary for domestic finance.

In his video, President Trump also touted the economy's growth since taking office in January.

"Most importantly, at the end of eight years, you really will be impressed —because things are looking good," he said.

"They're looking good for our country, and they're looking good for our country's economy.

"So, work hard," Trump advised. "We have a lot of jobs coming into our country. Go out and get a good one.

"Wages are going up. The economy is strong. Have fun."

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President Donald Trump said Friday that he will announce his choice to head the Federal Reserve next week — and "it will be a person who, hopefully, will do a fantastic job."
donald trump, name, somebody specific, federal reserve
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2017-31-27
Friday, 27 October 2017 06:31 PM
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