WSJ: Close Trump confidant enters face for Fed chair

One of US President Donald Trump’s closest economic advisers is emerging as a serious contender to be the next head of the Federal Reserve System which is the central banking system of the United States.

Kevin Hassett, has entered the race to become the next Chair of the Federal Reserve with anonymous sources familiar with the situation telling the Washington Street Journal that his close ties to Donald Trump making him the frontrunner.

The agency, also colloquially referred to as the "Federal Reserve" or simply the "Fed", is currently led by Jerome Powell, who had been nominated to the position by Trump himself during his first term from his position as a Fed governor. His term is to run out in May 2026. Trump has expressed strong dissatisfaction with Powell for refusing to lower interest rates, with experts noting that Hassett is expected to take a more compliant stance in regards to the president's wishes.

Although Hassett had earlier stated he wasn’t seeking the Fed chair role, he now appears open to the possibility as the publication reported that he met with Trump twice in June to discuss a potential nomination.

The Republican is competing for the prestigious role against another party member, Kevin Warsh who has served as an economic adviser to President George W. Bush who has also been a member of the Fed’s Board of Governors. was previously seen as the top contender. The paper describes the selection process as a "battle of the two Kevins," likening it to the reality show The Apprentice, once hosted by Trump.

By Nazrin Sadigova