Trump, Yellen to Meet, Discuss Fed Job 10/17 06:08
WASHINGTON (AP) -- Federal Reserve Chair Janet Yellen will meet with
President Donald Trump on Thursday to discuss the possibility of a second term
as head of the central bank, a source familiar with the administration's Fed
search said Monday.
Trump has said Yellen is one of several candidates he is considering for the
Fed's top job. Yellen's current term ends on Feb. 3.
Trump met with Stanford University economics professor John Taylor last
week. He interviewed former Fed board member Kevin Warsh and current Fed board
member Jerome Powell late last month. Trump has also said economics adviser
Gary Cohn is being considered.
Treasury Secretary Steven Mnuchin said last week that the president hopes to
have a decision on the Fed position within a month.
Yellen, the first woman to head the nation's central bank, was sharply
criticized by Trump during the campaign as being too political in the way she
handled the Fed job. Trump said she was keeping interest rates low to favor
Democrats. But since taking office, Trump has not criticized Yellen and has
instead praised her, saying she's "done a good job" and favors low interest
rates as he does.
In addition to the top position, Trump has several other vacancies to fill
on the Fed board.
Utah financier Randal Quarles, Trump's first Fed nomination, was sworn in on
Friday. Quarles will fill the key job of vice chairman for supervision, the
Fed's top policy job for overseeing banking regulations.
But as Quarles was joining the board, Fed Vice Chairman Stanley Fischer was
stepping down. That leaves the seven-member board with three vacancies, the
same number of openings it has had for most of this year.