Kevin Hassett Emerges as Leading Candidate for Next Fed Chair Role

TLDR

• Kevin Hassett is a leading candidate to replace Jerome Powell as Federal Reserve Chair when his term ends in May.
• Hassett has strong support from President Trump’s advisers, who favor his stance on cutting interest rates.
• As the director of the National Economic Council, Hassett oversees the White House’s digital asset working group.
• Hassett owns significant Coinbase stock and has served on the company’s advisory council, linking him to the crypto industry.
• Trump and Hassett have discussed the possibility of him becoming the next Fed Chair to align with Trump’s economic policies.

Kevin Hassett, a crypto-friendly economist and White House adviser, is reportedly a leading contender for the role of Federal Reserve Chair. With Jerome Powell’s term expiring in May, Hassett has gained significant support among President Donald Trump’s allies. His potential appointment is seen as aligning with Trump’s desire to reduce interest rates.

Hassett’s Background and Crypto Connections

Hassett currently serves as the director of the National Economic Council. In this role, he oversees the White House’s digital asset working group, which Trump established in January. The group published a report in July, offering policy recommendations for the cryptocurrency sector.

Hassett has also been involved in the crypto space in other ways. He owns Coinbase stock worth at least $1 million. Furthermore, he served on Coinbase’s Academic and Regulatory Advisory Council, earning a salary of $50,001 in 2023.

His involvement in the digital asset sector extends beyond Coinbase. Hassett was previously on the advisory board of One River Digital Asset Management, a crypto fund manager. His extensive experience in economic policy and the crypto industry has made him a potential ally for Trump’s financial goals.

Hassett Willing to Accept Fed Chair Role

Hassett has expressed his willingness to serve as Fed Chair if nominated. In an interview with Fox News, he confirmed that he would accept the position, saying, “Of course I’d have to say yes, because I want to serve my country and I want to serve my president.”

Trump and Hassett have reportedly discussed the possibility of the latter taking over the Fed. Hassett’s alignment with Trump’s financial priorities, particularly his stance on cutting rates, makes him an appealing candidate. The Fed’s decision to reduce interest rates has been a central issue for Trump, who seeks to boost the economy.

While Hassett is a strong candidate, Trump has reportedly considered other individuals for the Fed Chair position. Fed Governor Chris Waller, who has spoken in favor of decentralized finance, is among those considered. Additionally, Michelle Bowman, the Fed’s vice chair for supervision, has expressed support for allowing Fed staff to invest in crypto to understand the sector better.

The decision on the next Fed Chair is expected to come soon, with Powell’s term ending in May. Whoever is appointed will likely face pressure from the White House to continue cutting rates. The market has already begun speculating on potential rate cuts, with expectations rising for a December cut.

The post Kevin Hassett Emerges as Leading Candidate for Next Fed Chair Role appeared first on CoinCentral.