Trump Hurts Cohn Chances For Fed Chair, Several Candidates Under Consideration

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Gary Cohn is unlikely to be chosen by President Trump to replace Janet Yellen as the next head of the Federal Reserve, according to The Wall Street Journal.

Cohn remains "focused on his responsibilities ... including a once-in-a-lifetime opportunity to deliver meaningful tax reform that creates jobs and grows the economy, '"a White House spokesperson said". He has an opportunity to shape the Fed - last week, Vice Chair Stanley Fischer announced he was stepping down, making the fourth upcoming vacancy on the Fed's seven-member board of governors. Another administration official said Mr Trump was "considering several candidates" for the Fed.

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Trump was widely criticized for blaming "many sides" for the Charlottesville violence, and Cohn stood with him during a news conference at Trump Tower in NY days after the rally when the president said there "very fine people" on both sides of the rally, which was attended by neo-Nazis. But Cohn has since fallen out of Trump's good graces.

Trump has said he would consider reappointing Yellen, who was nominated to lead the Fed by his Democratic predecessor, former President Barack Obama.

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The cause of Cohn's fall was his reaction to the president's comments about violence in Charlottesville, Va.

A White House official cautioned that Mr. Cohn, a former Goldman Sachs executive, may be able to fix his relationship with the president.

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Cohn is viewed as a critical element of the administration's tax reform push both inside the administration and on Capitol Hill, where sources said Cohn has developed strong relationships with key players in the tax reform debate.