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3d ago

Trump Administration Launches Formal Search for Fed Chair Successor

President Trump will set the pace for naming the next Fed chief in a process guided by Treasury Secretary Scott Bessent’s formal vetting.

U.S. Treasury Secretary Scott Bessent speaks to reporters at the U.S. Capitol as Republican lawmakers struggle to pass U.S. President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., U.S., June 27, 2025. REUTERS/Elizabeth Frantz/File Photo
U.S. Federal Reserve Chair Jerome Powell attends a press conference following the issuance of the Federal Open Market Committee's statement on interest rate policy in Washington, D.C., U.S., June 18, 2025. REUTERS/Kevin Mohatt/File Photo
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Overview

  • The administration has launched a formal vetting process to identify Jerome Powell’s successor as Federal Reserve chair.
  • Treasury Secretary Scott Bessent said the president will determine when a nominee is announced and that the process will move at his speed.
  • The White House is evaluating candidates both inside the Fed—such as Michelle Bowman and Christopher Waller—and external figures including Scott Bessent and former governor Kevin Warsh.
  • There is no plan to remove Powell before his term ends in May 2026, although disputes over interest rate policy and a $2.5 billion Fed headquarters renovation continue.
  • Federal law limits Fed chair removal to cases of misconduct, underscoring the central bank’s legal independence amid political pressure.