US President Donald Trump said on Tuesday (August 5) that he would evaluate four potential candidates to replace Jerome Powell as chairman of the Federal Reserve, but excluded Finance Minister Scott Bessnt and stated that Besbent wanted to stay in his current position.
“I asked him last night, it’s something you want? No, I want to stay where I am,” Trump said during an interview with CNBC. “He’s doing a great job and wants to do what he does, so I just take it off. She doesn’t want to.”
The best candidates: “Kevin and Kevin”
Among the best applicants for replacing Powell are former Governor of Federal Reserve Kevin Warsh and Director of the National Economic Council Kevin Hassett.
“I think I say Kevin and Kevin, both Kevins are very good and there are other people who are also very good,” Trump said. However, he explained that no decision was immediate: “I did not say that I was deciding right now.”
Kugler Exit gives Trump soon a selection
The recent announcement of the Governor of the Federal Reserve Adriana Kugler to resign from her post – well before her term of office in January – Trump opened the door to appoint a new member of the board in accordance with his economic agenda. The President had previously indicated that he meant “a few people” to occupy Kugler’s free space.
Trump indicated that his nominated for Kugler’s post could be potentially promoted to a chair when Powell’s term ends in May 2026.
Trump weighs Powell’s fire
The president has repeatedly pushed the federal reserve system to reduce interest rates and often criticized Jerome Powell on social media. On Friday, Trump called on Powell’s resignation and previously considered whether he would release him or simply wait for his term of office in May.
Strive for lower interest rates
Despite the repeated pressure from Trump, the central bank maintained stable interest rates by 2025. Federal reserve officials, including Powell, signaled the immediate reduction of rates, with another opportunity coming in September.
2026 Status of Presidency
While Powell’s period as the chairman expires until May 2026, Trump has repeatedly hovered the idea of replacing him soon, either by calling for his resignation or waiting for the period.
(Tagstotranslate) Donald Trump Fed Red Replacing the Chair (T) Jerome Powell successor
