If Janet Yellen Goes, the Fed’s Current Policy May Go With Her
Gene B. Sperling, the former director of President Barack Obama’s National Economic Council, said the choice was a “fascinating test”
for Mr. Trump, pitting conservative ideology against “the stark reality of politicians worried about how the economy performs.”
The approaching fork in the road is likely to be a major topic of conversation as Fed leaders, central bankers from other countries
and academic economists gather in Grand Teton National Park on Friday and Saturday for an annual policy conference.
Mr. Cohn has rarely spoken publicly about his views on monetary policy,
but he is a key adviser to Mr. Trump on the administration’s plans to cut financial regulation.
“The Bernanke and Yellen Fed do deserve praise for very expansive and creative monetary policy and
that there has been real policy since 2010,” Mr. Sperling said.
President Trump must soon decide whether to renominate Ms. Yellen or pick someone similarly inclined to emphasize economic growth.
In addition to criticism from conservatives, Ms. Yellen also has faced criticism
from liberals who argue that the Fed is moving too quickly to raise rates.
Mr. Trump has not named other candidates, but likely possibilities for any Republican president include Kevin Warsh, a former Fed governor; John B. Taylor, an economist at Stanford University;
and Glenn Hubbard, an economist at Columbia University.
Mr. Trump has said that he is considering another term for Ms. Yellen.