Story perspectives

Trump Delays Fed Nomination Amid Ongoing Justice Investigation

1/18/2026

Summary

Story summary

U.S. President Donald Trump hesitates to nominate Kevin Hassett as Federal Reserve chairman because Hassett's departure would weaken messaging.
Trump says Hassett should remain director of the National Economic Council.
Analysts see former Federal Reserve Governor Kevin Warsh as a leading candidate.
Senator Thom Tillis opposes any presidential picks until the Department of Justice investigation into the Fed concludes, with Trump planning to announce a nominee in coming weeks.

History

Historical Context

Established by the Federal Reserve Act in 1913, the Federal Reserve System aimed to stabilize the U.S. economy through a central banking authority. This act created a governing Board of Governors, appointed by the President, to oversee monetary policy. Ongoing debates about the Fed's independence, highlighted by Trump's hesitance to nominate Kevin Hassett, echo historical tensions regarding political influence over economic decisions.

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Story summary

U.S. President Donald Trump hesitates to nominate Kevin Hassett as Federal Reserve chairman because Hassett's departure would weaken messaging.
Trump says Hassett should remain director of the National Economic Council.
Analysts see former Federal Reserve Governor Kevin Warsh as a leading candidate.
Senator Thom Tillis opposes any presidential picks until the Department of Justice investigation into the Fed concludes, with Trump planning to announce a nominee in coming weeks.

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