WASHINGTON (AP) – President Donald Trump said Tuesday he narrowed down the list of potential Federal Reserve Chair candidates to four, as he considers him his successor. Jerome Powell – An option that can reset the path of the US economy.
Calling for a future replacement for Powell on CNBC’s “Squawk Box,” Trump has appointed Kevin Hassett, director of the National Economic Council, and Kevin Warsh, a former member of the Federal Reserve Committee.
“I think Kevin and Kevin are both very good,” Trump said in an interview with CNBC on “Scokebox.”
He said two other people are also under consideration, but Treasury Secretary Scott Bescent is not among them.
“I love Scott, but he wants to stay where he is,” Trump said. He didn’t name the other two top candidates, but used the opportunity to disgrace Powell.
The news that Trump is planning to make a decision “quickly” with the Fed chair has recently come to light as the Republican president is so critical of Powell, which will end in May 2026. Fed’s board is in full control Of Powell’s US central bank, he ruthlessly pressured him to cut short-term interest rates in a way that raised questions about whether the Fed could remain free from White House politics.
Trump has openly meditated on whether to remove Powell before his tenure when the chair ends, but has refrained from rejecting the Fed chair after a recent Supreme Court decision suggests that he can only do so because of a cause rather than a disagreement on policy. The president put pressure on Powell by claiming he mismanaged it. Fed’s $2.5 billion renovation projectbut he says he is “Very unlikely” Fires Powell.
Adriana Kugler, one of the Fed’s governors; A surprising announcement Last Friday, she will be leaving her role. It created an opening for Trump, who called her new federal governor, who called her departure a “fun surprise.” Trump told CNBC that his choice to replace Kugler could be his choice to replace Powell.
Here’s what you need to know about the two known candidates:
Kevin Hassett
Hassettthe director of the White House National Economic Council, has supported the president’s agenda – from advocating for income tax cuts and tariffs to his support. Recent gunfire BLS Commissioner’s Erika McEntarfer.
Hassett served in the first Trump administration as chairman of the Economic Advisors Council. He holds a PhD in Economics from the University of Pennsylvania and worked at the American Enterprise Institute, tilting to the right before joining the Trump White House in 2017.
As part of Hassett’s farewell announcement in 2019, Trump called him a “true friend” who did a “great job.” Hassett became a Fellow of the Hoover Association at Stanford University. He later returned to power to deal with the pandemic.
On CNBC on Monday, Hassett said “there were people throughout the US government who were as much opposing Trump as possible.”
Kevin Worsh
Warsh, a former Fed governor who resigned in 2011, is currently a Fellow of the Hoover Association. He is Supporting reduced interest ratesTrump’s important goal.
“The President’s right to be unhappy with Jay Powell and the Federal Reserve,” Wersch told Fox News’ Sunday Morning Futures last month.
Warsh has become increasingly critical of Powell’s Federal Reserve, calling for a sweeping sweep of how the Fed will do business with CNBC in July.
He said the Fed “hesitating to cut interest rates is actually a pretty good mark against them.”
After the pandemic, “the ghost of mistakes they created inflation” said, “I stuck to them. So I think one of the right reasons why the president is publicly promoting the Fed is that there is a need for a change of government to implement policies.”
“He was very thinking,” Trump said when he asked directly about Warsh in June.
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Associated Press writers Josh Balk and Christopher Lugerber from Washington contributed to the report.
