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After Trump's resignation, Trump can radically rebalance US lead tips News

Thursday, September 7th, 2017 | Economy

According to insiders, the State Commission has already had several candidates in mind for the Fed's presidential post, His top economic consultant, Gary Cohn, however, no longer belonged, told the persons familiar with the plans in the night to Thursday of the news agency Reuters.
The former Goldman Sachs investment banker was long regarded as a hot contender to the top spot still occupied by Fed Governor Janet Yellen, but he was clearly in disgrace with critical comments on Trumps' reactions to right-wing extremes in Virginia: "The president does not forget", so an insider: "Trump wants to fire him." According to a report by the Wall Street Journal, Stanford economist John Taylor and the former Wall Street banker and trump confidant Kevin Warsh are among the top officials in the Fed.
Fed Deputy Stanley Fischer, on Wednesday, announced that he would vacate his position on personal grounds in mid-October, leaving him eight months before the end of his term. He who is his successor is still unclear. Recently, Fischer had already made an appearance when he warned the government strongly against the withdrawal of banking regulation.
After the departure of Fischer, only three of a maximum of seven directors' seats would be occupied in the Fed's leadership days – an unprecedented state. Trump has, however, already nominated economist Randal Quarles for an additional vice-post, which is to be responsible for banking supervision. During the course of Thursday, the Senate's Banking Committee should vote on the staff.
Whether Trump will extend the contract expiring in early February 2018, Yellens is open. He had criticized them violently in the election campaign and called Barack Obama the fulfillment of his democratic predecessor. However, he had recently portrayed her leadership role in an increasingly milder light and did not rule out the extension of her contract. This was long considered unthinkable, since it also expressed its opposition to the liberalization of banking regulation advocated by Trump.
Appeal to Taylor would be a turning point
If Trump were to take Taylor's economists to the chair, it would be a turning point in the American bank's more than 100-year history: Yellen and many other Fed executives have been strictly opposed to the idea of ​​chaining their policies to a firm formula , which was developed by Taylor. This rule is to be used according to the will of a group of republican politicians in the US Congress to determine the appropriate interest rate depending on the economic situation. The central bank would thus have less room for monetary policy decisions.
The Wall Street Journal Trump recently said he wanted to make the decision about the Fed's peak office at the end of 2017. He had named Cohn as one of several possible candidates. However, last but not least, statements by insiders made a difference, and Cohn was a presidential adviser with the idea of ​​resignation. The controversial statements of Trumps on the right-wing riots in Virginia are reasons. The Ex-Goldman manager felt visibly uncomfortable at the Trumps press conference. The President said there were "very decent people" on both sides of the conflict in Charlottesville. The governor of the state of Virginia, Terry McAuliffe, however, made neo-Nazis responsible for the violence.
(Reuters)

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