But Cohn made the mistake, according to the Wall Street Journal, of criticizing Trump's response to the violent clashes at a white supremacist rally in August in Charlottesville, Virginia. There are now 4 vacancies, with Quarles nearly certain to fill one of them.
Reuters also reported Wednesday night that Trump has "soured" on naming Cohn the next Federal Reserve chairman and that he remains upset with Cohn. Further, the Journal reports that Trump's reasoning for looking elsewhere was "largely" tied to Cohn's reaction to Trump's handling of Charlottesville.
Trump Says He's Looking Into South Korea Trade Accord Future
South Korea could also decide to refuse any discussions with Mr Trump, kicking off a trade war between the two countries. Trump said last month that Canada and Mexico are being "difficult" and he'll probably need to scrap the pact.
A person close to Trump said that he wasn't expecting Cohn's comments, while another source told TheWSJ that Trump seems annoyed when Cohn's name is mentioned.
A White House official said Mr Cohn remained an essential player in Mr Trump's push for tax reform.
Majority of the potential candidates who are in the mix for Fed chair are hawkish on interest rates, including Warsh, an ex- Wall Street banker who served as a Fed governor at the time of the financial crisis, and Taylor, author of a widely cited but only loosely followed mathematical rule for setting interest rates.
"This administration can and must do better in consistently and unequivocally condemning these groups and do everything we can to heal the deep divisions that exist in our communities", Cohn, who is Jewish, said afterwards.