President Trump has a unique opportunity to make an impact on the Federal Reserve since its two top positions will soon be needing replacements.
The positions currently held by Janet Yellen, the head of the Federal Reserve, and Stanley Fischer, the vice chairman, are coming open.
Multiple media sources are reporting that the two front-runners for the positions are Stanford University economist John Taylor and current Fed Governor Jerome “Jay” Powell. However, it is unclear which person Trump would appoint for each job.
Another possibility is that he will re-appoint Yellen to the position. She was the vice chairman of the Federal Reserve from October 2010 to February 2014, then was appointed by President Obama to serve as chair effective Feb. 3, 2014.
On Friday afternoon, President Trump put out a teaser tweet, writing, “People are anxiously awaiting my decision as to who the next head of the Fed will be….”
He then referenced a video clip wherein he announced that he would make his final decision known next week; he also promised it will be a person who will, hopefully, do a fantastic job. “At the end of eight years, you will be really impressed,” Trump said.
People are anxiously awaiting my decision as to who the next head of the Fed will be….
— Donald J. Trump (@realDonaldTrump) October 27, 2017