Hassett Supports Powell's Explanation for Remaining as "Interim Fed Chair"

Odaily News According to reports, Kevin Hassett, Director of the White House National Economic Council, expressed support for Federal Reserve Chairman Jerome Powell's plan—to temporarily remain as Fed Chair if his successor is not confirmed by the Senate when his term expires in May. Hassett stated on Wednesday, "I think that is the appropriate legal understanding." President Trump has nominated Kevin Warsh to succeed Powell, but Republicans currently lack sufficient votes to move the nomination from the Senate Banking Committee to the full Senate for a confirmation vote. Republican Senator Thom Tillis indicated he would delay his vote until the Justice Department halts what he called a "false" investigation into alleged cost overruns for the Fed building renovation project. Speaking about Warsh, Hassett said, "We are very confident that he will become chairman at the appropriate time. I believe there will be discussions on how to proceed." (Jin10)