25.10.201723:59:00UTC+00Gary Cohn Out of Running to Become Next Fed Head

President Donald Trump has no intention of naming National Economic Council Director Gary Cohn to become the next leader of the U.S. central bank, according to sources.

The president has privately informed people knowledgeable of the proceedings at least twice in the previous week that he would not appoint Cohn as the next Federal Reserve chairman.

Advisers were told by Trump that Cohn is competent in his current role and that he wants to keep him in the White House when the Congress takes into consideration his proposed tax code revamp, sources said.

A senior White House official said that no decision regarding the matter has been finalized and no candidate has been ruled out, however, Cohn's present role is too vital to completing the proposed tax reform.

Sources added that Cohn is likely to depart the White House after the Congress junk the tax plan.

During his public and private discussions last week, Trump has stopped talking about the former Goldman Sachs Group Inc. as a candidate for the leadership of the Fed. He has also excluded former Fed Governor Kevin Warsh from the talks, whittling the list of contenders down to current Chair Fed Janet Yellen, Fed Board Governor Jerome Powell, and Stanford University economist John Taylor.