If Janet Yellen Goes, the Fed’s Current Policy May Go With Her<br />Gene B. Sperling, the former director of President Barack Obama’s National Economic Council, said the choice was a “fascinating test”<br />for Mr. Trump, pitting conservative ideology against “the stark reality of politicians worried about how the economy performs.”<br />The approaching fork in the road is likely to be a major topic of conversation as Fed leaders, central bankers from other countries<br />and academic economists gather in Grand Teton National Park on Friday and Saturday for an annual policy conference.<br />Mr. Cohn has rarely spoken publicly about his views on monetary policy,<br />but he is a key adviser to Mr. Trump on the administration’s plans to cut financial regulation.<br />“The Bernanke and Yellen Fed do deserve praise for very expansive and creative monetary policy and<br />that there has been real policy since 2010,” Mr. Sperling said.<br />President Trump must soon decide whether to renominate Ms. Yellen or pick someone similarly inclined to emphasize economic growth.<br />In addition to criticism from conservatives, Ms. Yellen also has faced criticism<br />from liberals who argue that the Fed is moving too quickly to raise rates.<br />Mr. Trump has not named other candidates, but likely possibilities for any Republican president include Kevin Warsh, a former Fed governor; John B. Taylor, an economist at Stanford University;<br />and Glenn Hubbard, an economist at Columbia University.<br />Mr. Trump has said that he is considering another term for Ms. Yellen.
