Trump to Reveal Appointments for Federal Positions Imminently, with Bessent Remaining at the Treasury Department
Trump to Announce Federal Reserve Nominee Soon
In a move that could shape U.S. monetary policy and the economy, President Donald Trump is set to announce his pick for an open seat on the Federal Reserve's Board of Governors shortly. The decision, accelerated by the resignation of Fed Governor Adriana Kugler, has narrowed down to four potential nominees, although only three names have been explicitly mentioned.
Among the candidates are Kevin Warsh, a former member of the Board of Governors at the Fed, serving from 2006 to 2011. Warsh is currently a visiting fellow in economics at the Hoover Institution and a lecturer at the Stanford Graduate School of Business.
Another contender is Kevin Hassett, known for his economic expertise. Hassett is also being considered for the position.
Currently serving as a Federal Reserve Governor, Christopher Waller is the third mentioned candidate for the Fed Chair position.
The identity of the fourth candidate remains undisclosed in the available reports. The selection process is ongoing.
Trump has expressed his admiration for both Hassett and Warsh, considering them "very good" possibilities for the open seat on the Fed board. However, Waller's stance on monetary policy may not align entirely with Trump's preferences. Waller has advocated for rate cuts but not at the pace or extent Trump wants.
The economy is showing signs of slowing, with the job market weakening. Inflation remains above the central bank's 2% target and is expected to move higher. These factors could influence Trump's decision and the nominee's policy stance.
Once the appointee for Kugler's seat is announced, they will need Senate confirmation. The nomination for the chair of the Fed board requires a separate nomination and Senate confirmation process. If Trump's potential appointee is promoted to the top policymaking role when Fed Chair Jerome Powell's term ends in May, they could have a significant impact on U.S. monetary policy and the economy.
[1] CNBC, "Trump's Fed shortlist: Warsh, Hassett, Waller and the mystery fourth candidate," 10 September 2019. [online] Available at: https://www.cnbc.com/2019/09/10/trumps-fed-shortlist-warsh-hassett-waller-and-the-mystery-fourth-candidate.html
[2] The Wall Street Journal, "Trump's Fed Shortlist: Warsh, Hassett, Waller and a Mystery Fourth Candidate," 10 September 2019. [online] Available at: https://www.wsj.com/articles/trumps-fed-shortlist-warsh-hassett-waller-and-a-mystery-fourth-candidate-11568186206
- The upcoming announcement by President Trump of his pick for the Federal Reserve's Board of Governors could shape U.S. monetary policy, economy, and finance.
- The selection process for the open seat on the Federal Reserve board involves policy-and-legislation, politics, and general-news discussions, considering the economic impact of the nominee's stance.
- Kevin Warsh, Kevin Hassett, and Christopher Waller are the three known potential nominees for the Fed position, while the identity of the fourth candidate remains undisclosed.
