Gate News message, April 23 — White House National Economic Council Director Hassett expressed support Wednesday for Federal Reserve Chair Powell’s plan to temporarily remain in his position if his successor has not been confirmed by the Senate by the time his term expires in May.
Hassett stated, “I believe this is the appropriate legal interpretation.” Trump has nominated Waller to succeed Powell, but Republicans currently lack sufficient votes to advance the nomination from the Senate Banking Committee to a full Senate confirmation vote.
Republican Senator Tom Tillis said he would delay his vote until the Department of Justice halts what he called a “false” investigation into cost overruns in a Federal Reserve building renovation project. Regarding Waller, Hassett said, “We are very confident that he will become chair at the appropriate time. I believe there will be discussions about how to move forward.”
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