Trump to Announce Fed Chair Pick Next Week, Plans to Replace Jerome Powell
Former US President Donald Trump has said he will announce his nominee for Federal Reserve chair next week, a move that would replace current chair Jerome Powell if Trump wins the November election.
Key Takeaways
- Trump will reveal his Fed chair nominee next week.
- He criticizes current high interest rates, saying “We’re paying too much interest.”
- He accuses Jerome Powell of being politically motivated.
- Powell’s term as chair is set to expire in May 2026.
Criticism of Fed Policy
Trump made the announcement during an interview with Scripps News, where he sharply criticized the Federal Reserve’s interest rate policies. He argued that high rates are hindering economic growth.
“We’re paying too much interest,” Trump said.
Targeting Jerome Powell
Trump specifically targeted the current Fed chair, Jerome Powell, whom he appointed in 2018 but later turned against. He suggested Powell’s decisions are influenced by politics.
“I think he’s trying to lower interest rates for the sake of maybe getting people elected, I don’t know,” Trump remarked.
Background and Implications
Trump’s relationship with Powell soured after the initial appointment, with the former president becoming a vocal critic of the Fed’s monetary policy. Powell’s current term runs until May 2026.
This early announcement signals Trump’s continued focus on economic policy and his intent to reshape the nation’s central banking system if he returns to the White House. The move highlights how the Federal Reserve’s independence could become a key election issue.
