The new chairman of the Fed is being selected, with White House National Economic Council Director Hassett seen as the frontrunner.

On November 26, news emerged that as the selection of the new chair of the Fed enters its final weeks, White House National Economic Council Director Kevin Hassett is viewed by Trump’s advisors and allies as the frontrunner for the next chair of the Fed. However, insiders also pointed out that Trump is known for making surprising personnel and policy decisions, so nominations cannot be considered final until they are made public. The selection of the Fed chair and board members has always been the most direct way for a president to influence the Fed. During Trump's first term, he nominated the current chair Jerome Powell, but Trump deeply regretted that decision when Powell did not push for rate drops at the speed he expected. Hassett is seen as being highly aligned with Trump’s economic views, including advocating for the need to drop interest rates. In an interview on November 20, he stated that if he were the Fed chair, “we would drop rates now,” because “the data shows we should do so.”