Published: Fri, September 08, 2017
Markets | By Lucia Cruz

Trump falls out with frontrunner for US Fed chairmanship

Trump falls out with frontrunner for US Fed chairmanship

Gary Cohn is unlikely to be chosen by President Trump to replace Janet Yellen as the next head of the Federal Reserve, according to The Wall Street Journal.

Trump's decision for Fed chair may come down to whether he would rather retain Yellen, despite her defense of banking regulation after the economic crisis, or choose someone new who may agree with him on the need for banking deregulation but also look for quicker interest-rate hikes.

Cohn, the National Economic Council director, was once a top contender for the powerful position, but his public rebuke of Trump's response to the violence at a Charlottesville white supremacist rally last month made him fall out of the President's good graces.

The Journal reported Cohn told associates he was disgusted by Trump's performance immediately after the president's August 15 news conference about the Charlottesville events.

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"The president does not forget", said another source close to Trump, referring to Cohn's criticism.

It's pretty telling that not lying down and accepting apologies for white supremacy is a deal breaker for a promotion in this admin. WSJ reports that Cohn may not be totally out of the running, though. In that interview, Cohn said the administration "can and must do better in consistently and unequivocally condemning these groups". "He doesn't know this, but yes he is", Trump said in July when asked if Cohn was a potential pick.

The White House didn't immediately return HuffPost's request for comment.

The White House has shot down rumors Cohn would leave over Trump's remarks, and Wall Street panicked when his Cohn's departure seemed inevitable.

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