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President Donald Trump said Sunday he has decided on the person he will nominate to replace Federal Reserve Chair Jerome Powell when Powell’s term expires next year, though he declined to reveal the name.
Speaking to reporters aboard Air Force One, President Trump was asked whether he was “any closer” to selecting a nominee.
“I know who I’m going to pick,” the president said.
A reporter followed up by asking, “Is it Kevin Hassett?”
President Trump responded, “I’m not telling you. We’ll be announcing it.”
Powell, first nominated by the president during his first term in 2017 and installed as Fed chair in February 2018, has had a turbulent relationship with the president. President Trump sharply criticized Powell’s rate hikes in 2018, and tensions over rate policy resurfaced during the president’s second term. President Trump cannot legally remove Powell before the chair’s term ends in May 2026.
Reports indicate Trump has narrowed his list of potential successors to five candidates, according to The Washington Examiner. They included National Economic Council Director Kevin Hassett; current Fed governors Chris Waller and Michelle Bowman; former Fed governor Kevin Warsh; and Rick Rieder, chief investment officer for global fixed income at BlackRock.
Hassett is widely viewed as a leading contender. Treasury Secretary Scott Bessent is reportedly reviewing candidates, and an announcement could come before Christmas. President Trump has previously said he wants to “get his guy” in place ahead of Powell’s departure.
“Powell and the Federal Reserve should be ashamed of themselves,” President Trump wrote in July. “They have one of the easiest, yet most prestigious, jobs in America, and they have failed — and continue to do so.”
The president blamed the Fed for keeping interest rates too high, arguing that the U.S. could be saving trillions of dollars if borrowing costs were lower.
“If they were doing their job properly, our country would be saving trillions of dollars in interest cost,” Trump said. “The board just sits there and watches, so they are equally to blame. We should be paying 1% interest, or better!”
