Federal Reserve Chairman Jerome Powell recently refrained from commenting on the ongoing search for his potential successor, as former President Donald Trump explores candidates to lead the central bank. When asked by FOX Business whether Trump’s pursuit for a new Fed chair could impact Powell’s current performance, he simply stated, “No,” emphasizing his focus on his remaining term rather than future speculation.
During a news conference following the central bank’s interest rate decision in December, Powell acknowledged he has no updates regarding his position on the Federal Reserve Board of Governors, which he is set to complete in May 2026. Appointed by Trump in 2017, Powell’s tenure has faced scrutiny from the former president, who has criticized him for maintaining high interest rates and attributing various economic difficulties to his actions.
Trump’s search for a replacement appears to include several prominent candidates, such as his top economic adviser Kevin Hassett, current Federal Reserve Board Governor Christopher Waller, and former Fed board member Kevin Warsh. In his assessment of Powell, Trump referred to him as “stiff” and expressed his expectations for the next Fed chair, stating, “I’m looking for somebody that will be honest with interest rates. Our rates should be the lowest rates in the world.”
Additionally, Treasury Secretary Scott Bessent has been interviewing candidates for the job since Labor Day and confirmed he submitted five names to Trump by the end of November. Bessent emphasized his preference for forward-looking regulators at the Fed to ensure a more proactive approach to monetary policy.
As the dialogue concerning the future leadership of the Federal Reserve unfolds, the nation watches closely, hoping for a smooth transition that will prioritize economic stability and growth.