Trump May Dump Pick For Fed Chair Over Charlottesville

Adjust Comment Print

According to the Wall Street Journal, the President is going in a different direction for his pick to serve as chairman of the Federal Reserve.

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

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. Even Trump reportedly calls Cohn "Globalist Gary".

Cohn, a former Goldman Sachs banker, has been considered the top contender to lead the Fed when Chair Janet Yellen's term expires in February 2018. Trump also has mused about backing Cohn.

"This administration can and must do better in consistently and unequivocally condemning these groups and do everything we can to heal the deep divisions that exist in our communities", Cohn said at the time. He's also reportedly considering Kevin Warsh, a former Fed governor who's now a fellow at the Hoover Institution.

The White House did not immediately respond to CNN's request for comment.

Trump has said he would consider reappointing Yellen, who was nominated to lead the Fed by his Democratic predecessor, former President Barack Obama. He has an opportunity to shape the Fed - last week, Vice Chair Stanley Fischer announced he was stepping down, making the fourth upcoming vacancy on the Fed's seven-member board of governors.

Cohn said in his interview with the Financial Times that he came under pressure to resign from the Trump administration.