Economy

Trump unlikely to nominate Cohn as Fed chair

Trump unlikely to nominate Cohn as Fed chair”

President Trump is unlikely to nominate National Economic Council Director Gary Cohn to lead the Federal Reserve, according to the Wall Street Journal, after Cohn criticized Trump's response to violence in Charlottesville last month.

The president had previously said he was considering Cohn among other candidates.

The report said that Cohn's chances dropped after he criticized the president's response to the Charlottesville alt-right protests, the report said, quoting people familiar with the president's thinking.

Read The Wall Street Journal's full report here.

Yellen's term as Fed chairman ends in June 2018, giving Trump less than a year to decide whether to renominate her or pick someone else.

The White House didn't immediately return HuffPost's request for comment. In that interview, Cohn said the administration "can and must do better in consistently and unequivocally condemning these groups".

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.

The New York Times reported that he drafted a resignation letter but later changed his mind.



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