Hassett Backs Powell's Legal Interpretation for Interim Fed Chairmanship

Deep News09:05

White House National Economic Council Director Kevin Hassett expressed support for Federal Reserve Chair Jerome Powell's plan to temporarily continue leading the central bank if his successor has not been confirmed by the Senate when Powell's term expires next month.

"I believe that is the correct legal interpretation," Hassett said on Wednesday when asked about Powell's plan during an event in New York.

Last month, Powell indicated that he would serve as acting chair if his successor is not confirmed before his term ends in May.

President Donald Trump has nominated Kevin Warsh to succeed Powell, but Republicans currently lack sufficient votes to advance the nomination from the Senate Banking Committee to a full Senate confirmation vote. Republican Senator Thom Tillis has stated that he will refuse to vote until the Justice Department halts what he called a "false" investigation into cost overruns related to the renovation of the Federal Reserve building.

"We are very confident that he will assume the role of chair at the appropriate time," Hassett said regarding Warsh. "I believe discussions will take place on how to proceed with this matter."

Hassett noted that he has not discussed the possibility of Powell remaining in his role with Trump. Last week, Trump stated that he would fire Powell if he does not step down in a "timely" manner.

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