Janet Yellen’s term as head of the Federal Reserve expires on February 3, 2018. This leaves President Trump with the duty to name a Chairman to serve a four year term. News outlets everywhere have been scrambling to pinpoint just who President Trump is likely to nominate. Many have narrowed down the pickings to Kevin Warsh, Gary Cohn, and Jerome Powell. Each of these men is qualified in their own right to serve in the position. One of them could be chosen as the next Chairman. Here’s what you need to know:

Pick 1: Kevin Warsh

Kevin Warsh received his B.A. in Public Policy from Stanford, and J.D. from Harvard. Warsh worked for Morgan Stanley from 1995-2002. He then served as the Special Assistant to the President for Economic Policy and Executive Secretary of the National Economic Council from 2002-2006. In 2006, President Bush nominated Warsh to the Federal Reserve Board of Governors. He was only 35 years old — the youngest appointment in Federal Reserve History.

Because of the timing of his appointment, Warsh played a significant role in the Federal Reserve’s navigation of the 2008 financial crisis. During his tenure at the Fed, Warsh estimated the continued rise of inflation despite the economic downturn.

At the November 2010 meeting of the Federal Reserve, Warsh expressed his concern with their plan to lower long term interest rates in hopes of generating economic growth. He also suggested withholding Federal Reserve funds in order to compel other branches of the government to enact Federal Reserve policies.

After the meeting, Warsh announced his intent to resign from his position effective March 31, 2011. He currently serves as a visiting fellow at Stanford and lecturer at the Stanford Graduate School of Business. Warsh is a member of the UPS board of directors, and advisory board member for Rubicon Global. Warsh is also a member of a business forum created by President Trump to provide strategic and policy advice on economic issues.

Pick 2: Gary Cohn

Gary Cohn received his B.A. from American University’s Kogod School of Business. In 1990, Cohn went to work for Goldman Sachs and saw quick success in the organization. In 1996, he was named head of the commodities department, then head of the Fixed Income, Currency and Commodities Division in 2002. He rose to co-head of Equities, and in 2004 became co-head of global securities businesses. In June 2006, Cohn was named President and co-Chief Operating Officer.

In 2010, Cohn testified before Congress on the part Goldman Sachs played in the 2008 financial crisis. Cohn said that Goldman Sachs did not “bet against their clients” as they lost over $1 billion in their residential mortgage business.

On January 20, 2017 Cohn took the position of Director of National Economic Council, appointed by President Trump.

While Cohn was initially believed to be a strong contender for the position, after his criticism of Trump’s response to the events in Charlottesville, he is no longer considered to be Trump’s top pick.

Pick 3: Jerome Powell

Jerome Powell received his B.A. from Princeton and J.D. from Georgetown University. After law school, Powell worked for investment bank Dillon, Read, & Co., eventually rising to Senior Vice President of the firm. Powell was appointed to serve as assistant secretary and undersecretary of the Treasury under George H. W. Bush in 1990.

From 1997-2005, Powell was a partner at the Carlyle Group. Prior to his appointment to the Board of Governors, he served as a visiting scholar to the Bipartisan Policy Center in Washington, D.C. In this position, he focused on federal and state fiscal issues.

Powell was appointed by President Barack Obama in 2012 to serve on the Federal Reserve Board of Governors in an effort to gain bipartisan support, as a previous appointee’s nomination had previously been filibustered. He was nominated for another term in 2014.

Who will Trump pick? We’ll just have to wait and see.

Corrie L
FFL Cabinet Member
Corrie is a Cabinet Member at FFL. She is passionate about coffee, Jesus, and lipstick, and never wears white after Labor Day. If she isn't busy talking about law school or FFL, you can find her studying constitutional law or reviewing a contract. Her plan A is Super Mom turned Supreme Court Justice, and she hopes to one day be just like Sandra Day O"Connor.

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