Trump picks a University of Minnesota professor to lead his economic council

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WASHINGTON (AP) — President Donald Trump on Tuesday nominated University of Minnesota economist Christopher Phelan to be the next chairman of the White House Council of Economic Advisers, a key position for conducting analyses of the economy and the administration's policies.

If confirmed by the Senate, Phelan would succeed Stephen Miran, a Harvard University-trained economist who worked at investment funds and joined the Federal Reserve Board of Governors last September. The council's vice chairman, Pierre Yared, had served as acting leader after Trump shifted Miran to the Fed.

Phelan's resume suggests a keen interest in the operations of central banks, a major interest of Trump, who has pressured the Fed to dramatically cut its benchmark interest rates to drive stronger growth, even though doing so could risk higher inflation.

Phelan has worked as a consultant with the Federal Reserve Bank of Minneapolis. He received his undergraduate degree from Duke University and obtained his doctorate from the University of Chicago.

“President Trump has assembled the best and most experienced economic team in modern history,” said White House spokesman Kush Desai, who called Phelan “a key addition.”

Desai said that Yared, the current acting chairman, is returning to his professorship at Columbia University's business school.