Based on the provided text and additional information, here is a breakdown of the key points regarding Donald Trump’s upcoming appointments and the individuals being considered.
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Donald Trump is expected to name a new Federal Reserve governor to fill the board seat vacated by Adriana Kugler. Kugler’s departure allows Trump to appoint a new governor sooner than anticipated, who could potentially be a contender for the Fed chairman role when Jerome Powell’s term expires.
The text identifies four individuals as possible candidates for a leadership role at the central bank:
- Kevin Hassett: The current National Economic Council Director. Hassett has served as an economic advisor to Trump for years and has recently become a critic of Powell’s policies.1 He has previously stated that the Fed should respect its independence but has recently accused the central bank of making partisan decisions.2 Hassett has also publicly defended the administration’s use of tariffs.3
- Kevin Warsh: A former Fed Governor.4 He is known for his hawkish views on monetary policy and his belief that the Fed should maintain price stability as its core mandate.5 He has also been critical of the Fed’s quantitative easing policies and has expressed sympathy for Trump’s frustration with Powell’s restrictive policies, arguing that “bad” Fed policies are holding back the economy.6
- Christopher Waller: A current Fed Governor.7 Waller recently dissented from a Fed decision to hold interest rates steady, arguing for a cut.8 He believes that the recent uptick in inflation is a temporary effect of tariffs and that the labor market is showing signs of softening, warranting a move toward a more neutral policy stance.9
- Scott Bessent: The current Treasury Secretary.10 Bessent, a former hedge fund manager, supports a strong dollar policy and advocates for lower interest rates to ease costs for low-income Americans.11 He has also expressed support for the independence of the Federal Reserve from presidential influence, despite having an economic plan that aligns with some of Trump’s goals, such as extending tax cuts and using tariffs as a tool for foreign policy objectives.
Bureau of Labor Statistics
Trump is also set to announce a new jobs data statistician to lead the Bureau of Labor Statistics (BLS). This follows his firing of the previous chief, Erika McEntarfer, after a jobs report showed weak growth and steep downward revisions. The firing drew criticism from McEntarfer’s predecessor, William Beach, who called it “unfounded.”
Kevin Hassett, one of the potential Fed candidates, defended the need for a new BLS chief, alleging that the jobs data revisions were poorly explained and that a “fresh set of eyes” were needed at the agency. McEntarfer had been confirmed by a bipartisan vote in the Senate.
