President Donald Trump has intensified his attacks on Federal Reserve Chair Jerome Powell, calling him “terrible” and quipping that “anyone would be better.” After suggesting on 18 June that he could even appoint himself to the central bank, Trump told reporters at a NATO summit on 25 June that he has already interviewed candidates and has “three or four people” in mind to replace Powell when the incumbent’s term ends in May 2026. By 1 July, he said the shortlist had narrowed to “two or three” names.
People familiar with the process told Reuters and other outlets that the leading contenders include former Fed Governor Kevin Warsh, National Economic Council Director Kevin Hassett, current Fed Governor Christopher Waller and Treasury Secretary Scott Bessent. Trump did not confirm the names but said a decision could come well before Powell’s term expires.
Bessent, speaking to CNBC on 30 June and again on 3 July, confirmed that the administration is “working on Chair Powell’s successor over the coming weeks and months” and that the formal search will accelerate in the autumn. Asked whether he could serve simultaneously as Treasury Secretary and Fed Chair, Bessent noted that such dual service has not occurred since the 1930s but did not rule it out.
The succession planning underscores the administration’s frustration with the Fed’s decision to keep its benchmark rate at 4.25%–4.50%. Trump argues that deeper cuts could save roughly $900 billion a year in federal interest payments and cushion the economy from the effects of recent tariffs. Powell has countered that the central bank must first assess whether higher import levies rekindle inflation before lowering borrowing costs.
While the president cannot dismiss a Fed chair over policy disagreements, his public remarks and the parallel search effort add pressure on Powell ahead of the central bank’s late-July meeting and signal that a change in leadership could come well before the statutory deadline.
TREASURY SECRETARY BESSENT PRESSED ON HOLDING FED AND TREASURY ROLES SIMULTANEOUSLY
In a rare moment during a press briefing, Treasury Secretary Bessent was asked whether he could serve as both Fed Chair and Treasury Secretary at once.
The question comes amid speculation about
The Trump administration will focus on finding a replacement for Federal Reserve Chairman Jerome Powell this fall, U.S. Treasury Secretary Scott Bessent told CNBC on Thursday, adding that officials had "a lot of good candidates."
