Dovish testimony from Federal Reserve chair Janet Yellen has some market watchers wondering whether the central bank will scrap its reported plans for two more rate hikes this year, but Jim Cramer disagrees -- and he's pleased by reports that former Goldman Sachs (GS) - Get Report  bigwig Gary Cohn might replace Yellen as the Fed's chief.

"I think the data will dictate two hikes, and I actually hope that the chatter about Gary Cohn [being] made the head of the Fed happens," Cramer said during an exclusive monthly call for members of his Action Alerts Plus club for investors.

Recent reports have suggested that President Trump might soon pick Cohn, who currently heads the National Economic Council, to replace Yellen when her term ends in 2018.

Cramer said Cohn, who's a personal friend of his, would be a good choice -- especially at a time when the Fed plans to sell some of the $4.5 trillion in bonds that the central bank loaded its balance sheet with during the Great Recession.

"He will know how to sell off those bonds better than anybody," Cramer said. "We don't need an economist to sell them off. We don't need a theoretician. We need a person with a background from Wall Street. No one would be better than Gary -- and I do know Gary and I'm glad that he might be in that position."

Cohn, widely seen as one of the Trump administration's most influential economic advisers, served as Goldman's president and chief operating officer from 2006 until he left earlier this year to join the president's team.

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Editors' pick: Originally published July 13.