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- President Donald Trump needs to pick the next Federal Reserve chair in the coming week. Trump asked GOP senators to raise their hand and vote for their favorite Fed chair candidate. Trump appears to have narrowed the choice down to Janet Yellen, Jerome Powell, and John Taylor.
President Donald Trump wanted a little informal guidance on his next Federal Reserve chair pick during Tuesday’s policy lunch with Republican senators.
Sen. John Cornyn, the second-highest-ranking Republican senator, told reporters that Trump polled the attendees’ support for various Fed chair candidates by asking for a show of hands on each person.
Current chair Janet Yellen’s term is up in February 2018, and Trump has been been mulling a short list of candidates over the past few weeks.
On Friday, Trump told Fox Business that he has narrowed the candidates down to current Yellen, current Fed governor Jerome Powell, and Stanford economist John Taylor.
According to Sen. Tim Scott of South Carolina, Taylor was the apparent winner of the poll. (Then again, this is the judgment of one senator.)
The announcement on the next Fed chair will come before Trump departs for his trip to Asia on November 3, according to the White House. Trump said he expects to make the decision “very, very soon.”