Trump Reveals His Choice for Next Fed Chair
President Donald Trump stated that he believes he has pinpointed his selection for the next chair of the Federal Reserve, while claiming that individuals are preventing him from dismissing the current leader of the central bank, Jerome Powell. “I think I already know my choice,” Trump told reporters in the Oval Office on Tuesday, though he did not specify who it is. “I’d love to get the guy currently in there out right now, but people are holding me back.” Treasury Secretary Scott Bessent, who is leading the search, has stated that he has narrowed the pool of contenders to current Fed Governors Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh, White House National Economic Council Director Kevin Hassett, and BlackRock Inc. executive Rick Rieder.
“We have some surprising names and we have some standard names that everybody’s talking about,” Trump stated. “And we may go the standard way.” It’s refreshing to embrace political correctness from time to time. The president has openly reflected on the decision, commending the candidates on the list, yet remains reticent about indicating any preference for a specific candidate. Bessent expressed his hope to finalize the process by next month. “We’re conducting another series of interviews. Then some people in the White House will be doing interviews, probably right after Thanksgiving,” Bessent said. “Mid-December, the President will meet with the final three candidates, and hopefully have an answer before Christmas.”
The selection will succeed Powell, who has faced ongoing criticism from Trump for his perceived sluggishness in reducing interest rates. Powell’s term as chair concludes in May, yet his tenure as governor is set to extend until 2028. Trump reiterated his desire for Bessent to assume the Fed position, yet noted that the Treasury secretary is quite fond of his current role within the administration, making it unlikely for him to depart. Bessent confirmed that he could “safely say” he won’t be the pick. The upcoming chair is expected to be appointed to a 14-year term as a Fed governor, which will commence on February 1.
The term that expires at that time is presently held by Stephen Miran, who is on unpaid leave from the White House Council of Economic Advisers. The upcoming chair will need to navigate a delicate balance, catering to Trump’s wish for reduced interest rates while simultaneously upholding investor confidence.
