Chris Phelan, who serves as an adviser at the Federal Reserve Bank of Minneapolis, has emerged as the leading candidate to be named President Donald Trump’s next chief economist, according to three people familiar with the matter.
If he is officially nominated and subsequently confirmed by the Senate, Phelan would take over as chair of the Council of Economic Advisers, the body within the White House that functions as an internal economic research and policy advisory arm.
Phelan would succeed Stephen Miran, who formally resigned from the chairmanship in February. Miran in effect vacated the position last September when he was confirmed to fill an open seat on the Board of Governors of the Federal Reserve.
Following Miran’s departure from day-to-day duties, Pierre Yared, who holds the position of vice chair at the Council of Economic Advisers, has been serving as the acting head of the council. The council continues to operate in its advisory capacity while leadership remains in transition.
The developments represent a potential change in leadership at the office responsible for providing the president with economic analysis and policy recommendations. Any formal change at the top of the council remains contingent on the standard nomination and confirmation procedures.
Context and continuity
The Council of Economic Advisers has been under acting leadership since the effective September departure of its prior chair. The acting arrangement has been in place while the formal resignation was processed in February and as the White House considers a permanent replacement.
Next steps
The process now would require a formal nomination from the president and review by the Senate, with confirmation necessary before Phelan could assume the chairmanship.
This report is based on accounts from three individuals familiar with the situation. Details on timing for a formal nomination or the Senate’s consideration have not been specified in these accounts.