White House National Economic Council Director Kevin Hassett is at the top of the leaderboard to become the next Federal Reserve Chair, according to reporting from Bloomberg.
Hassett had a central role in the White House's digital asset market working group, which is part of the National Economic Council. That working group released a report over the summer outlining recommendations for how cryptocurrency should be regulated, including language around banking, a crypto stockpile, stablecoins, taxes, and illicit finance.
In June, Hassett disclosed that he has a stake in Coinbase Global Inc. (ticker COIN), worth at least $1 million.
If Hassett becomes chair, President Donald Trump would have a close ally and would be someone he trusts, people familiar with the matter told Bloomberg. White House Press Secretary Karoline Leavitt told Bloomberg in a statement that "nobody actually knows what President Trump will do until he does it. Stay tuned!"
Bloomberg reported that on Nov. 18, Trump said Fed Governor Christopher Waller and ex-Fed official Kevin Warsh were also top candidates. Federal Reserve Vice Chair for Supervision Michelle Bowman and BlackRock fixed-income chief investment officer Rick Rieder had also been on that candidate list. Once Trump nominates someone, the nomination will go to the Senate for consideration.
The central bank has caught Trump's ire over the past year as the president has pushed for lowering interest rates and has threatened to fire Fed Chair Jerome Powell. However, firing a Fed chair has a high bar since a member can only be removed "for cause" as a way to protect the central bank's independence from politics.
