President Donald Trump said he’s considering nominating Stanford University economist John Taylor and elevating Federal Reserve Governor Jerome Powell into leadership roles at the central bank, as he weighs potential replacements for Fed Chair Janet Yellen and the No. 2 position.
“It is in my thinking, and I have a couple of others things in my thinking but I like talent and they’re both very talented people,” Trump told Fox Business News in an interview to be broadcast on Sunday and Monday. “It’s a hard decision.”
It’s not clear which of the two men would be chairman and which would be vice chair, a position that Trump also needs to appoint after Stanley Fischer stepped down earlier this week. Both positions are subject to Senate confirmation.
Trump’s closest advisers are steering him toward either Taylor or Powell for chairman, several people familiar with the process said on Thursday, after the president finished interviewing candidates for the job by meeting with Yellen.
The White House has said he’ll make a decision before he leaves for a trip to Asia in November.
Yellen’s first term ends in February. She returned to the White House on Friday for what one official described as a semi-regular meeting with Trump’s top economic adviser, Gary Cohn, whom Trump is also considering for the Fed post.
A fifth candidate, former Fed governor Kevin Warsh, completes Trump’s shortlist.