White House Economic Adviser Backs Powell's Temporary Role Continuation

The White House National Economic Council Director, Kevin Hassett, has expressed support for Federal Reserve Chair Jerome Powell's plan to remain in his position temporarily if his successor is not confirmed by the Senate when his term ends in May. According to Odaily, Hassett stated on Wednesday that this is an appropriate legal understanding. U.S. President Donald Trump has nominated Kevin Warsh to succeed Powell, but Republicans currently lack the votes to advance the nomination from the Senate Banking Committee to a full Senate confirmation vote. Republican Senator Thom Tillis has indicated he will delay the vote until the Department of Justice halts what he describes as a 'false' investigation into cost overruns on the Federal Reserve building renovation project. Hassett expressed confidence in Warsh, stating, 'We are very confident he will become chairman at the appropriate time. I believe there will be discussions on how to proceed.'