Trump weighs replacing Fed Chair Yellen with ex-Goldman exec

Yellen

WASHINGTON — President Donald Trump said Tuesday that he’s considering either re-nominating Janet Yellen for a second term as Fed chair or replacing her with someone else, possibly Gary Cohn, who leads his National Economic Council.

Trump said in an interview with the Wall Street Journal that he has a “lot of respect” for Yellen and thinks she is serving capably. The president said he’s still considering asking her to serve four more years after her term ends in February. But he said he’s also considering other candidates, including Cohn, who joined the Trump administration after a 26-year career at Goldman Sachs.

Yellen has declined to say whether she wants to serve another term. She has said only that she is focused on doing her job and will remain in place through the end of her term Feb. 3.

When Yellen was chosen to be Fed chair by President Barack Obama, she became the first woman to lead the central bank, succeeding Ben Bernanke in 2014.

Trump said Cohn, who was present for the interview, didn’t know he was under consideration for the Fed job. Cohn has been leading the search for the next Fed leader.

“I’ve known Gary for a long time, but I’ve gained great respect for Gary working with him, so Gary certainly would be in the mix,” Trump said in the interview with the Journal.