President Trump expressed reservations Friday about appointing his top economic advisor, Kevin A. Hassett, as the next Federal Reserve chair, despite praising his work. Trump's comments introduce further uncertainty into the search for a successor to Jerome H. Powell.
Speaking at a White House health care event, Trump acknowledged Hassett's contributions in advocating for the administration's economic policies, particularly on television. "I actually want to keep you where you are, if you want to know the truth," Trump stated, adding that Fed officials "don't talk much." He emphasized the potential loss Hassett's departure would represent, saying, "I would lose you. It's a serious concern to me."
Hassett, who currently serves as director of the White House National Economic Council, had been considered a leading candidate to replace Powell. The search process experienced disruption this week when the Justice Department served the Fed with grand jury subpoenas related to Powell's management of a $2.5 billion renovation of the central bank's headquarters in Washington.
The criminal investigation, initially reported by The New York Times on Sunday, prompted Powell to release a rare video seemingly directed at the Trump administration, addressing the threat of.
Trump's hesitation regarding Hassett adds another layer of complexity to the ongoing process of selecting the next Fed chair. The decision carries significant implications for the nation's monetary policy and economic stability. The Fed's independence from political influence is a cornerstone of its credibility and effectiveness in managing inflation and promoting full employment. Any perceived interference from the White House could undermine confidence in the central bank's ability to act in the best interests of the economy. The selection process remains ongoing, and the administration has not announced a timeline for a final decision.
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