President Trump to Fill Fed Vacancies

first_imgPresident Trump to Fill Fed Vacancies in Daily Dose, Government, Headlines According to Fox Business, President Trump is looking to fill several vacancies within the Federal Reserve—and fast.Following his campaign disapproval of the central bank’s low-interest-rate policies, many speculate President Trump will choose candidates that are in favor of increased costs for borrowers. However, instead of choosing academic scholars with backgrounds in economics, his picks will more than likely come from the investment banking, private equity, or business realms.The Trump administration is focused on trying to find a candidate to fill the position of Vice Chairman for supervision, a role fit that he wants someone with a background in community banking to fill.One name that has been mentioned in the public eye was David Nason, an executive for General Electric and former Treasury Department official. Other potential candidates the Trump administration has considered include former BB&T Corporation Chief Executive John Allison and Rep. French Hill (R-Arkansas), a former banker who was recently re-elected to his second House term.”There’s no reason to think Trump would go for one of these really predictable, hawkish academics who’s schooled in balancing inflation,” said Sarah Binder, a political-science professor at George Washington University. “He seems to want people, as best we can tell, with a background in finance or a background in business that brings some sort of real world—from Trump’s perspective—appreciation for the good stuff that low rates can do,” she said.With Governor Daniel Tarullo’s term ending in April, Fed Chair Janet Yellen’s term concluding next February and Stanley Fischer’s term as vice chairman ending in June of next year, President Trump will make the decision to replace these individuals or keep them on the board of governors. According to Fox Business, the last time a new president didn’t nominate the Fed chairman to another term was back in the 1970s. Sharecenter_img February 20, 2017 530 Views Fed Trump Vacancies Yellen 2017-02-20 Staff Writerlast_img

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