Trump Reveals Timeline for Next Federal Reserve Chair: Early 2026 Announcement Expected
Image Source: Internet
US President Donald Trump has announced plans to reveal his selection for the next Federal Reserve chair by early 2026, providing a clearer timeline for the highly anticipated decision. This move comes after months of speculation surrounding the next leader of the US central bank. During a Cabinet meeting at the White House, Trump stated that he has narrowed down the selection process to a single candidate from the initial pool of around 10 contenders, which included Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick. White House National Economic Council Director Kevin Hassett is seen as the likely choice to succeed Jerome Powell, whose term as Fed Chair expires in May. Trump has repeatedly criticized Powell, calling him a 'stubborn ox' who has been too slow in pursuing interest rate cuts. The president has been pushing for a more aggressive approach to lowering interest rates, and naming a successor to Powell would give him the opportunity to reshape the institution. The new chair will require Senate confirmation and, if an outsider, would receive a 14-year term as a Fed governor. The Federal Reserve chair and governor picks are the most direct way for presidents to influence the central bank. Trump has been vocal in his criticism of the Fed's slow pace in cutting borrowing costs and its expensive campus renovations. The White House is also involved in litigation over Trump's attempted dismissal of Fed Governor Lisa Cook.
