President Donald Trump is planing to replace Federal Reserve Chairwoman Janet Yellen when her term ends next year with his Chief Economic Advisor and National Economic Council Director Gary Cohn, according to a Politico report.

Who is Gary Cohn? Prior to serving in the Trump administration, Cohn was the Chief Operating Officer of Goldman Sachs, where it was believed he would ultimately take over from Chief Executive Officer Lloyd Blankfein, according to the Wall Street Journal. Cohn is a registered Democrat and received his bachelor's degree from American University.

Watch More with TheStreet:

 

More from Video

Jim Cramer: Why We Sold Some Facebook and Bought Amazon

Jim Cramer: Why We Sold Some Facebook and Bought Amazon

Week Ahead: It's All About Retail and the Consumer

Week Ahead: It's All About Retail and the Consumer

Fisker CEO: Autonomous Electric Shuttle Will Debut Soon at Major Tech Company

Fisker CEO: Autonomous Electric Shuttle Will Debut Soon at Major Tech Company

60 Seconds: Get Financial Aid to Pay For College

60 Seconds: Get Financial Aid to Pay For College

Rewind: Jim Cramer on Home Depot, Tapestry, Nordstrom and Square

Rewind: Jim Cramer on Home Depot, Tapestry, Nordstrom and Square