Gary Cohn unlikely to get tapped as Fed chair

Gary Cohn

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

President Donald Trump is unlikely to nominate his economic adviser Gary Cohn to become Federal Reserve chairman, the Wall Street Journal reported Wednesday.

Cohn, the National Economic Council director, was once a top contender for the powerful position, but his public rebuke of Trump's response to the violence at a Charlottesville white supremacist rally last month made him fall out of the President's good graces. Mr Trump had mused about backing Mr Cohn. Further, the Journal reports that Trump's reasoning for looking elsewhere was "largely" tied to Cohn's reaction to Trump's handling of Charlottesville.

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In the almost two weeks since Cohn said "the administration can and must do better in consistently and unequivocally condemning" hate groups, Trump has stewed over the comments.

CNN's Jake Tapper quoted an unnamed source who said that Cohn is "more likely to get electric chair than Fed Chair".

A White House official said Mr Cohn remained an essential player in Mr Trump's push for tax reform.

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The reports come amid the surprise departure of Fed vice-chairman Stanley Fischer, who resigned on Wednesday, adding to the uncertainty about a transition in leadership at the bank.

The White House has shot down rumors Cohn would leave over Trump's remarks, and Wall Street panicked when his Cohn's departure seemed inevitable.

Cohn, who is Jewish, reportedly drafted a resignation letter amid the Charlottesville fallout. Trump said in July that he was considering nominating Yellen to another four-year term.

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