The Trump administration is actively seeking a replacement for Federal Reserve Chairman Jerome Powell, amid his refusal to lower interest rates to stimulate economic growth.
Treasury Secretary Scott Bessent told CNBC during an exclusive interview on Thursday that the administration had “a lot of good candidates” for the position.
President Donald Trump has repeatedly criticized Powell, whom he previously appointed during his first term, for refusing to lower interest rates, which are currently between 4.25 percent and 4.50 percent, and has encouraged him to resign from office, Reuters reported.
Presidents are unable to fire reserve chairs over policy disputes, according to The New York Post, and can only do so for malfeasance or misconduct.
However, the Supreme Court previously ruled in May that President Trump could fire Powell because the Federal Reserve is “a uniquely structured, quasi-private entity,” per Reuters.
According to the outlet, Bessent is reportedly being considered as a potential successor, with a decision likely expected between September 2025 and early 2026.
The president previously railed against Powell in a hand-written letter from earlier this week, which was unveiled during a press conference by Press Secretary Karoline Leavitt.
Pictured in the note were the interest rates of 34 other countries, all of which were above the United States, with much lower rates.
“Jerome—You are as usual, ‘too late.’ You have cost the U.S.A. a fortune—and continue to do so,” the president’s note read.
“You should lower the rate—by a lot! Hundreds of billions of dollars being lost! No inflation,” he concluded.