An adviser at the Federal Reserve Bank of Minneapolis is the front-runner to be picked as President Donald Trump’s new chief economist, Politico reported, citing three people familiar with the matter who were granted anonymity to speak openly.
If he’s nominated and confirmed by the Senate, Chris Phelan, who has a Ph.D. from the University of Chicago, would serve as the next chair of the Council of Economic Advisers.
Phelan would replace Stephen Miran, who formally stepped down from the job in February. Miran effectively left the position in September when he was confirmed to an open board seat at the Fed.
Since then, Council of Economic Advisers Vice Chair Pierre Yared has served as acting head of the council, which functions as an economic think tank within the White House.
Politico reported that Phelan’s potential nomination comes as the president’s approval rating on the economy is falling to new lows, particularly since gas prices have been driven up by the Middle East war, and as the administration considers policies and messaging to address voter concerns over affordability issues.
Council Helps Shape Economic Policy
“Any reporting about personnel decisions, unless officially announced by the White House, should be considered baseless speculation,” White House spokesperson Kush Desai told POLITICO in a statement.
Phelan also is a professor at the University of Minnesota. He did not respond to a request for comment from Politico.
The main role of the council, which typically consists of three economists including the chair, is to help the president understand and shape economic policy.
The council’s members analyzes economic trends such as jobs, inflation, and growth, and advises on policy decisions such as taxes, housing, trade, and regulation. The council also evaluates the impact of proposed legislation and produces the annual Economic Report of the President.
