Trump Plans Fed Chair Replacement Amid Ongoing Criticism

President Donald Trump is actively considering firing Federal Reserve Chair Jerome Powell, a move that has garnered approval from several Republican lawmakers. Despite publicly denying immediate plans to remove Powell, Trump has criticized the Fed chair for maintaining higher interest rates and mismanaging a costly $2.5 billion renovation project at the Federal Reserve. The administration has begun a formal search for Powell's replacement ahead of the expiration of his term in May 2026, with Treasury Secretary Scott Bessent and National Economic Council Director Kevin Hassett among the potential candidates. Trump’s push to replace Powell reflects ongoing tensions between the White House and the Federal Reserve, fueled by disagreements over monetary policy and inflation management. While Powell maintains he will serve out his term, the possibility of his dismissal raises concerns about the political independence of the central bank and potential market instability. The process is expected to move at President Trump’s pace, signaling a potentially significant shift in U.S. monetary policy leadership.