Even as the White House is reeling from the indictments of three former presidential campaign officials, Donald Trump is reportedly moving along with plans to replace the chairwoman of the Federal Reserve, Janet Yellen, the New York Times reports. After several months of speculation and hype from the president, administration officials say Trump will name Jerome H. Powell to be the next Fed chair, long considered a "safe pick" for a president eager to see continuity in Fed monetary policy even as he seeks to distance himself from his predecessor, Barack Obama, who nominated Yellen in 2014. Powell is also a holdover from the Obama administration, having been nominated to the Federal Reserve Board of Governors by the former president in December 2011.
If he nominates Powell, Trump would be going against the advice of some of the more conservative members of his administration, who have expressed support for former Fed Governor Kevin Warsh and Stanford economist John Taylor, and the mercurial Trump could still pick one of them, Politico reports. But Trump's more moderate advisers have warned that Taylor would likely raise interest rates, which could negatively impact the effect of the Republican's hoped-for tax overhaul. If Trump decides to replace Yellen, she would be the first Fed chair in the modern era not to be nominated for a second term after completing a first.