Trump Begins Search for Powell’s Fed Successor

The Trump administration has formally begun the process of identifying candidates to succeed Federal Reserve Chair Jerome Powell, whose term ends in May 2026. Treasury Secretary Scott Bessent confirmed the search amid President Trump’s criticism of Powell’s resistance to lowering interest rates. Bessent, former Fed governor Kevin Warsh, and National Economic Council director Kevin Hassett are among the reported candidates, but Bessent rejected the idea of a 'shadow' chair or dual Treasury-Fed leadership as destabilizing. Despite Trump's public pressure for Powell to step down early, officials stated there are no plans to remove him before his term expires, and Powell has signaled he will not resign early. The process will proceed at the president’s discretion. These moves have intensified debate over the Federal Reserve's independence under political scrutiny.