Gary Cohn's Hope of Becoming the Next Fed Chair Fade

Posted September 08, 2017

Earlier Wednesday, Stanley Fischer, the Fed's vice chairman, announced he would resign by mid-October, creating a fourth vacancy on the Board of Governors.

United States President Donald Trump is considering many candidates to head the Federal Reserve and has soured on nominating his top economic adviser Gary Cohn to lead the USA central bank, according to sources close to the White House and an administration official.

Donald Trump's top financial adviser seems to have inadvertently taken himself out of the running to become chairman of the Federal Reserve Bank when he voiced displeasure with the president's widely criticized response to the August Unite the Right rally in Charlottesville, Virginia.

Read The Wall Street Journal's full report here.

Trump had said in a July interview with the Wall Street Journal that Cohn was a candidate to replace Fed chair Janet Yellen when her term expires next year. In that interview, Cohn said the administration "can and must do better in consistently and unequivocally condemning these groups". Mr Trump had mused about backing Mr Cohn.

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Finally, the report said Yellen would likely accept a second term.

But the president did not single Cohn out for praise during a tax reform rollout speech last week in Missouri, sparking speculation that their relationship had cooled.

Sources close to the White House have signaled in the last week that Cohn appears unlikely to be removed due to his critical role on tax reform and Trump has been warned against ousting Cohn for that same reason.

But he later admitted to the Financial Times that he was deeply troubled by Trump's remarks.