Topline
President Donald Trump said Wednesday he’s narrowed the search for a new Federal Reserve chair to “three or four” candidates, contradicting a report earlier Wednesday that Trump was eyeing up to 11 potential successors for Federal Reserve Chair Jerome Powell.
President Donald Trump speaks during an event at the Kennedy Center on August 13, 2025 in Washington, DC. (Photo by Kevin Dietsch/Getty Images)
Getty Images
Key Facts
Trump also said Wednesday he would name a replacement for Powell, who he criticizes incessantly for not lowering interest rates, “a little bit earlier,” as Powell’s term expires in May.
Trump also repeated his frequent criticism of Powell for being “too late” to lower interest rates, telling reporters “I believe that name will live with him forever.”
Trump made a similar statement last week, when he told CNBC the search was down to four people, including “the two Kevins,” referring to former Federal Reserve Board member Kevin Warsh and National Economic Council Director Kevin Hassett.
Trump also didn’t dispute that former Fed Board member Chris Waller was in the running in the CNBC interview, but said Treasury Secretary Scott Bessent is not among the candidates, because he “wants to stay where he is” in the treasury department.
CNBC reported Wednesday, however, that two unnamed administration officials said Trump is considering 11 candidates, including Jeffries Chief Market Strategist David Zervos and Fed Vice Chair for Supervision Michelle Bowman.
Key Background
Despite his incessant criticism of Powell, Trump has said it’s “highly unlikely” he’ll fire him before his term ends “unless he has to leave for fraud.” Powell, who was appointed by Trump in 2018 and reappointed in 2022, has given no indication he plans to step down early despite his feud with Trump. If the president were to fire Powell, he could run into significant legal hurdles, since Fed board members can only be fired for cause.
What We Don’t Know
Whether Powell will step down from the board when his term as chair ends, as Bessent recently suggested in an interview with Bloomberg. Powell’s board term expires in January 2028. Bessent said it could “be very confusing for the market for a former Fed chair” to stay on the board and operate as what Bessent referred to as a “shadow Fed chair.”
Tangent
Trump said Tuesday he’s considering approving what he described as a “major lawsuit” against Powell over the over-budget renovation project at the Federal Reserve headquarters in Washington. The project, which began in 2021 to renovate two Fed buildings the agency said haven’t been upgraded since the 1930s, is estimated to cost $600 million more than originally estimated. The Fed has disputed Republicans’ claims that the cost overruns were due to luxury upgrades, such as a VIP dining area and elevator, and said it’s due to unexpected increases in the cost of labor and supplies, among other factors.
Further Reading
Trump Denies He Has Plans To Fire Powell—Blames Biden For Giving Fed Chair Second Term (Forbes)
Trump Might Greenlight ‘Major Lawsuit’ Against Fed Chair Jerome Powell (Forbes)
Trump Says 4 Candidates Running For Fed Chair—As Treasury Secretary Bessent ‘Does Not Want’ Role (Forbes)
Source: https://www.forbes.com/sites/saradorn/2025/08/13/trump-narrows-fed-chair-options-to-3-or-4-says-hell-announce-a-little-bit-earlier/