Trump Considers Naming Successor to Fed Chair Powell Early, Report Says

President Donald Trump reportedly is considering announcing a successor to Federal Reserve Chair Jerome Powell early, due to his frustration with the central bank’s slow approach to cutting interest rates.

Citing people familiar with the matter, The Wall Street Journal reported that Trump could announce Powell’s successor “by September or October.” One of the people said a move to replace Powell, whose term ends in Mary 2026, could happen “sometime this summer,” the Journal added.

The report said Trump is considering former Fed governor Kevin Warsh and National Economic Council director Kevin Hassett, while Treasury Secretary Scott Bessent is being pitched to him “by allies of both men as a potential candidate.” Also being considered are former World Bank President David Malpass and Fed governor Christopher Waller, the newspaper said. 

The White House didn’t immediately respond to Investopedia requests for comment on Trump’s timeline for announcing Powell’s successor or potential candidates.