President Donald Trump told reporters on Wednesday afternoon that he has narrowed down the list of potential successors to Federal Reserve Chairman Jerome Powell to “three or four” candidates and intends to announce his decision earlier than planned.
“I think I’ll name it a little bit early – the new chairman,” Trump told reporters while speaking at the Kennedy Center. “I’m down to three or four names – all good, all great. The problem is, you name them, and then they turn out to be not good.”
TRUMP NAMES REPLACEMENT FOR FED SEAT; STILL LOOKING FOR PERMANENT APPOINTEE
Trump also slammed Powell, describing him as “truly incompetent” and arguing the current Fed chair has made it more difficult for Americans to obtain affordable mortgages.
“But the housing sector, people aren’t able to get good mortgages,” Trump said. “They’re paying too much because of Jerome ‘Too Late’ Powell. He’s truly incompetent.”
TRUMP CONFIRMS SCOTT BESSENT WON’T REPLACE POWELL AS FED CHAIR AMID RISING TENSIONS WITH CENTRAL BANK
Earlier Wednesday, a senior administration official told FOX Business that Treasury Secretary Scott Bessent, who is leading the effort to narrow down Powell’s replacement, is interviewing a list of 11 possible candidates for the job. FOX Business obtained and reviewed the list, and the names include:
- Michelle Bowman, Fed Board of Governors member and vice chair of supervision
- James Bullard, former president of the Federal Reserve Bank of St. Louis
- Kevin Hassett, director of the National Economic Council
- Philip Jefferson, Fed Board of Governors member and vice chair
- Larry Lindsey, former Fed Board of Governors member
- Lorie Logan, president of the Federal Reserve Bank of Dallas
- Rick Rieder, BlackRock chief investment officer for global fixed income
- Marc Sumerlin, former deputy director of the National Economic Council
- Christopher Waller, Fed Board of Governors member
- Kevin Warsh, former Fed Board of Governors member
- David Zervos, chief market strategist for Jefferies
Last week, Trump confirmed the administration had begun a “formal process” to select Powell’s successor amid rising tensions between the president and the Fed chair. Trump also said Bessent, who was at one time rumored to be in the running to replace Powell, would remain in his role as treasury secretary.
Powell’s four-year term as Fed chair will end in May 2026.
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Tensions between Powell, appointed by Trump in 2017, and the president have continued to rise, with the central bank’s interest rate decisions proving a particular point of friction. Trump wants interest rates cut, but the Fed hasn’t done so since 2024.
On Tuesday, Trump ramped up pressure on Powell to cut interest rates, threatening to allow a lawsuit over the central bank’s $3.1 billion renovation project to move forward.
“Jerome ‘Too Late’ Powell must NOW lower the rate,” Trump wrote in a Truth Social post.
FOX Business’ Daniella Genovese and Michael Dorgan contributed to this report.
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