Hassett Suggests Trump Could Be Justified in Overlooking Him for Fed Chair

White House Adviser Kevin Hassett May Remain in Current Role

Photographer: Stefani Reynolds/Bloomberg

Kevin Hassett, who serves as an economic adviser at the White House, indicated that President Donald Trump is considering keeping him in his present position. If this decision is finalized, Hassett would no longer be a candidate for the next Federal Reserve chair.

“Since the start, the president and I have discussed whether I should stay in the West Wing or move to the Fed,” Hassett shared during an appearance on Fox News. “I don’t believe he’s reached a final decision yet.”

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Last week, President Trump voiced hesitation about nominating Hassett to succeed Jerome Powell as Federal Reserve Chair. During a White House event, Trump told Hassett, “To be honest, I’d prefer you stay where you are.”

Hassett was previously considered a leading contender to head the central bank, alongside Fed Governor Christopher Waller, former governor Kevin Warsh, and BlackRock executive Rick Rieder. Now, the competition has intensified, with Rieder reportedly gaining support due to perceptions that he might have an easier path to Senate confirmation.

A federal investigation into the Federal Reserve and Powell regarding renovations at the central bank’s headquarters has triggered significant controversy. Powell has accused the Justice Department of using the probe to pressure the Fed into lowering interest rates. Meanwhile, lawmakers such as Senator Thom Tillis have cautioned that Trump’s nominees will face heightened scrutiny.

“There are many strong candidates, and it’s possible the president is right that my current role is where I’m most needed,” Hassett remarked on Sunday, referencing his work at the White House. He expressed gratitude for Trump’s remarks about his future, describing the president as “a great person.”

Jerome Powell’s term as Federal Reserve Chair concludes on May 15. The search for his replacement is being overseen by Bessent, who, according to Trump, has withdrawn from consideration for the position.

Reporting assistance by Josh Wingrove.

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