Hubbard was an economic advisor for the Jeb Bush 2016 presidential campaign. After Donald Trump became the presumptive Republican nominee, Hubbard was mentioned as a potential Treasury secretary (which eventually went to Steven Mnuchin), and also as a potential Fed chair, a role expected to become open in February 2018. Hubbard had been critical of both Trump and Democratic presidential candidate Hillary Clinton, including after Bush had suspended his campaign. In August 2016, Hubbard declined to say which candidate he supported in the general election, but did say that Trump's taxation plans and their impact on economic growth were in a "direction" somewhat better than Clinton's plans. Hubbard criticized Trump's plans on trade and immigration for their predicted economic impact.
