US President Donald Trump is expected to pick his nominee to replace Janet Yellen as the chair of the Federal Reserve in the coming days.
The new head of the US central bank will need to grapple with interest rates, bank deregulation, and deciding if the Fed should revert to pre-financial crisis monetary policy procedure.
The candidates have been whittled down, but it's still not clear which one will get the nod for the next four-year term.
Like other major decisions, the President is still keeping his cards close to his chest.
As Nick Harper reports from New York.
IN: "The US..."
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TAKE VO
The US Federal Reserve is an institution that's all about careful, calculated planning.
Which might be why the frontrunner to become the next Fed chair is someone who's not looking to shake things up - the current Fed governor Jerome Powell.
<< SOT: George Selgin, Director of the Center for Monetary and Financial Alternatives, Cato Institute // English >>
"Of the various candidates he is the least likely to be a source of disruptive change. He's most likely to retain the status quo, and if you're an administration looking at what appears to be a booming stock market and economy you don't want to mess too much with that."
TAKE VO
President Trump could ask current Fed chair Janet Yellen to stay for a second term.
But politically, as an Obama-appointee, that seems unlikely.
TAKE VO
National Economic Council Director Gary Cohn was hotly tipped to take over. But his relationship with the President soured in the summer after Cohn criticized his handling of the white supremacist violence in Charlottesville.
<< SOT: Steven Blitz, Chief US Economist, TS Lombard // English >>
"I think it was his if he wanted it, but he forgot one thing - the boss has to like you. He made that mistake so he's not really a serious contender."
TAKE VO
But if Jerome Powell is the candidate who won't rock Wall Street's boat, there's another candidate who is keen to make waves - former Fed governor Kevin Warsh.
<< SOT: George Selgin, Director of the Center for Monetary and Financial Alternatives, Cato Institute // English >>
"Warsh would freak the markets the most because he is the one that I think is most properly described as a die-hard hawk. // And the markets right now would interpret that to mean he could raise rates rather more aggressively than Yellen would."
TAKE VO
The dark horse in the race is Stanford economist, and Fed-critic John Taylor.
Even if not chosen as Fed chair, President Trump may have another plan for him.
<< SOT: Steven Blitz, Chief US Economist, TS Lombard // English >>
It wouldn't shock me if in their mind, 'their' being the White House, they say 'alright you know we could put Powell as the head, and then the vice chair, the sort of economic academic consigliere so to speak on the board, we can put Taylor on there'."
TAKE VO
That vice chair role sits vacant after Stanley Fischer unexpectedly stepped down earlier this month.
TAKE VO
Indeed Jerome Powell and John Taylor have significant support within the President's inner circle - Treasury Secretary Steven Mnuchin wants Powell, while Vice President Mike Pence backs Taylor. Unless Donald Trump surprises us all and keeps Yellen, the two men represent a choice between maintaining the financial status quo or upending the established order.
SOC
ENDS
As Nick Harper reports from New York.
IN: "The US..."
OUT: SOC
DUR: 2:51
AIR: http://www.fsnradionews.com/feeds/1030fed-chair-nh-air.mp3
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ZIZ: http://www.fsnradionews.com/feeds/1030fed-chair-nh-ziz.mp3
TAKE VO
The US Federal Reserve is an institution that's all about careful, calculated planning.
Which might be why the frontrunner to become the next Fed chair is someone who's not looking to shake things up - the current Fed governor Jerome Powell.
<< SOT: George Selgin, Director of the Center for Monetary and Financial Alternatives, Cato Institute // English >>
"Of the various candidates he is the least likely to be a source of disruptive change. He's most likely to retain the status quo, and if you're an administration looking at what appears to be a booming stock market and economy you don't want to mess too much with that."
TAKE VO
President Trump could ask current Fed chair Janet Yellen to stay for a second term.
But politically, as an Obama-appointee, that seems unlikely.
TAKE VO
National Economic Council Director Gary Cohn was hotly tipped to take over. But his relationship with the President soured in the summer after Cohn criticized his handling of the white supremacist violence in Charlottesville.
<< SOT: Steven Blitz, Chief US Economist, TS Lombard // English >>
"I think it was his if he wanted it, but he forgot one thing - the boss has to like you. He made that mistake so he's not really a serious contender."
TAKE VO
But if Jerome Powell is the candidate who won't rock Wall Street's boat, there's another candidate who is keen to make waves - former Fed governor Kevin Warsh.
<< SOT: George Selgin, Director of the Center for Monetary and Financial Alternatives, Cato Institute // English >>
"Warsh would freak the markets the most because he is the one that I think is most properly described as a die-hard hawk. // And the markets right now would interpret that to mean he could raise rates rather more aggressively than Yellen would."
TAKE VO
The dark horse in the race is Stanford economist, and Fed-critic John Taylor.
Even if not chosen as Fed chair, President Trump may have another plan for him.
<< SOT: Steven Blitz, Chief US Economist, TS Lombard // English >>
It wouldn't shock me if in their mind, 'their' being the White House, they say 'alright you know we could put Powell as the head, and then the vice chair, the sort of economic academic consigliere so to speak on the board, we can put Taylor on there'."
TAKE VO
That vice chair role sits vacant after Stanley Fischer unexpectedly stepped down earlier this month.
TAKE VO
Indeed Jerome Powell and John Taylor have significant support within the President's inner circle - Treasury Secretary Steven Mnuchin wants Powell, while Vice President Mike Pence backs Taylor. Unless Donald Trump surprises us all and keeps Yellen, the two men represent a choice between maintaining the financial status quo or upending the established order.
SOC
ENDS