(Reuters) -President-elect Donald Trump on Tuesday tapped Kevin Hassett, who was a key financial adviser in his first time period, to chair his Nationwide Financial Council, which helps set home and worldwide financial coverage.
Hassett headed the White Home Council of Financial Advisers, which advises the president on financial coverage, from 2017-2019.
After stepping down from the CEA, Hassett had a short return to authorities to assist with the COVID pandemic. Within the early days of the pandemic, he painted a extra dire image of the possible repercussions than different White Home aides have been doing on the time.
Presently a managing director on the Milken Institute and the R. Nicklas Distinguished Fellow in Economics on the Hoover Establishment at Stanford College, Hassett holds a doctorate in economics from the College of Pennsylvania.
He was John McCain’s chief financial adviser within the 2000 presidential primaries and a senior financial adviser to the campaigns of George W. Bush in 2004, McCain once more in 2008, and Mitt Romney in 2012. Hassett had beforehand been analysis director on the American Enterprise Institute and was a senior economist on the Board of Governors of the Federal Reserve.
Hassett and co-author James Okay. Glassman drew consideration in 1999 for his or her e-book “Dow 36,000: The New Technique for Making the most of the Coming Rise within the Inventory Market,” which was printed not too lengthy earlier than the dot.com bubble burst. The 2, who only a 12 months earlier had mentioned the may high 35,000, mentioned of their e-book that the Dow may hit 36,000 in roughly 5 years.
The Dow closed above 35,000 for the primary time in 2021. On Tuesday it closed at 44,860.31.
Typically a conservative economist, Hassett in an op-ed essay within the New York Instances (NYSE:) in 2012, within the aftermath of the monetary disaster and the Nice Recession, addressed what he referred to as “a disaster in long-term unemployment” and referred to as on policymakers to craft a complete “re-employment coverage.”