Republican Senator Richard Shelby said he doesn’t think President Donald Trump will nominate Federal Reserve Chair Janet Yellen for a second term at the helm of the U.S. central bank.
Shelby said Tuesday in an interview with Bloomberg Television’s Vonnie Quinn that he had spoken with the president about the Fed.
“I believe he will appoint somebody else to take her place,” the No. 2 Republican on the Senate Banking Committee said. “But ultimately, that is up to the president.”
Shelby has served for years on and previously led the Senate panel, which has direct oversight responsibility for the central bank and casts the first vote on White House nominees for the Fed Board of Governors. Some of the Alabama Republican’s former staff members are also now working in the Trump administration and are helping oversee Fed nominations.