Friends and former colleagues of President Donald Trump’s top choice to lead the Federal Reserve said they were scared his preferred candidate was too loyal to the president to maintain the central bank’s independence.
Trump has identified National Economic Council Director Kevin Hassett as one of his top three picks to replace Jerome Powell as chairman of the Fed after Powell’s term expires next year, and he is widely considered the frontrunner for the job.
The former Fed economist has toed the MAGA party line over the past several months, attacking the Fed for not lowering interest rates sooner and defending Trump when the president personally insulted Powell and fired the head of the Bureau of Labor Statistics.
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