Potential Leadership Change at the Federal Reserve
Kevin Hassett, director of the White House National Economic Council, has reportedly become the leading contender to replace Jerome Powell as chair of the U.S. Federal Reserve, according to people familiar with ongoing deliberations.
The search for a new central bank chief is entering its final weeks, and advisers to President Donald Trump increasingly view Hassett as their preferred choice.
Alignment with President Trump's Economic Vision
According to Bloomberg, Trump’s advisers and political allies see Hassett as a trusted figure who aligns closely with the president’s economic vision, particularly his long-standing push for aggressive interest-rate cuts.
Several people familiar with the discussions, speaking anonymously, said that placing Hassett at the Fed would give Trump a chair who supports his approach to monetary easing, something the president has privately and publicly sought more control over.
Hassett's Role in Economic Policy and Digital Assets
Hassett has played a central role in shaping Trump’s economic agenda. As head of the National Economic Council, he also oversees the White House’s digital asset working group, created in January to study blockchain, stablecoins, and broader digital-asset policy.
The working group released a policy report in July outlining regulatory considerations for cryptocurrencies, adding to Hassett’s reputation within the administration as a crypto-friendly policymaker.
Implications for the Federal Reserve's Stance
His emergence comes as speculation grows around several crypto-aligned candidates who could shift the Federal Reserve toward a more innovation-focused posture. Supporters argue that Hassett’s background positions him to modernize the central bank while maintaining loyalty to Trump’s economic priorities.
Jerome Powell's Term and President Trump's Criticisms
Jerome Powell’s term as Fed chair expires in May, although his term on the Federal Reserve Board continues until January 2028. Trump has repeatedly criticized Powell over interest-rate decisions, and replacing him with an ally would mark a significant reshaping of the central bank’s leadership.
Hassett's Public Statement on Potential Role
Asked in a Fox News interview on Tuesday whether he would accept the job if offered, Hassett replied, “Of course I’d have to say yes, because I want to serve my country and I want to serve my president.” His comments further fueled expectations that he remains open and well-positioned to lead the Fed.