Trump teases Fed chair decision in Instagram video

President Trump teased his upcoming announcement on who he’ll nominate to lead the Federal Reserve with an Instagram video published Friday.

Trump, speaking directly into the camera from the White House State Dining Room, said he’d choose “a person who hopefully will do an absolutely fantastic job.”

Trump is weighing renominating current Fed Board Chairwoman Janet Yellen, or replacing her with either Fed governor Jerome Powell or Stanford University economist John Taylor.

“People are anxiously awaiting my decision as to who the next chairman of the Fed will be,” Trump said.

“I think everyone will be very impressed, but most importantly, I think at the end of eight years you really will be impressed because things are looking good,” Trump said. “They’re looking good for our country, and they’re looking good for our country’s economy.”

Trump offered little hint of who his pick could be, and did not explicitly say he had chosen a final candidate. If renominated as chairwoman, Yellen could theoretically serve until January 2024, when her 14-year term on the Fed board ends. That means Yellen could not lead the Fed for all eight years Trump could serve as president.

Fed chairmen can be nominated for several consecutive terms, but members of the Fed board are limited to one, 14-year term on the Fed board.

Yellen would likely step down as a member of the Fed board if she is not renominated as chairwoman. 

White House press secretary Sarah Huckabee Sanders said Friday that Trump would announce his decision next week. Trump is scheduled to begin a two-week trip to Asia on Friday, and Republicans are expected to release their tax revamp bill on Wednesday. 

Source link