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

FANG and Cloud Kings: How They can Change Your Financial Future

FANG and Cloud Kings: How They can Change Your Financial Future

Is Now the Time to Be in Tech? Experts Weigh in

Is Now the Time to Be in Tech? Experts Weigh in

This Market is Comparable to Getting Into a 'Fist Fight'

This Market is Comparable to Getting Into a 'Fist Fight'

Data Regulation on FAANG's Could Just Be Underway: Cramer's Investing Teach-in

Data Regulation on FAANG's Could Just Be Underway: Cramer's Investing Teach-in

Your Need to Know - Forward Look

Your Need to Know - Forward Look