U.S. President Donald Trump said on Monday (Dec. 1) that he is likely to announce his nominee for the next chair of the Federal Reserve in early 2026. The nominee would succeed incumbent Chair Jerome Powell, whose term is set to expire in May 2026.
The announcement was made during a cabinet meeting at the White House on Dec. 2. President Trump also confirmed on the same day that Treasury Secretary has no interest in assuming the role of Fed chair.
Previously, Trump had stated that he had decided on his pick for the next Fed chief. Bloomberg, citing sources familiar with the matter, reported that among Trump, his advisors, and allies, White House National Economic Council Director Kevin Hassett is viewed as the top candidate for the next Fed chair. According to U.S. law, the president's nominee for Fed chair must be confirmed by the Senate.
Jerome Powell was originally nominated by President Trump during his first term and assumed the role of Fed chair in February 2018. He was later renominated and confirmed for a second term during the Biden administration.
Trump has repeatedly publicly criticized Powell over the Federal Reserve's monetary policy. Since taking office again as president in January of this year, Trump has consistently criticized Powell, accusing the Fed of being too slow to cut interest rates and even threatening to remove Powell from his position. These actions have sparked widespread concern over the Federal Reserve's ability to maintain its independence in monetary policy.
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