U.S. President Donald Trump said he has spoken with several strong contenders for the role of Federal Reserve chair, but argued that candidates often change their approach once they assume the position.
Speaking at the World Economic Forum in Davos, Switzerland, Trump said all the individuals he interviewed were highly capable. However, he added that the challenge is that “they change once they get the job,” suggesting disappointment with how nominees perform after taking office.
Trump also renewed his criticism of current Fed Chair Jerome Powell, faulting him for not cutting interest rates quickly enough. He said an announcement regarding the next Federal Reserve chair would be made soon.
“I’ll be announcing a new Fed chairman in the not too distant future,” Trump said, adding that he expects the next appointee to perform well, while hinting that some details have already been revealed.
According to administration officials, four leading candidates are under consideration to succeed Powell. These include Trump’s economic adviser Kevin Hassett, Federal Reserve Governor Christopher Waller, former Fed Governor Kevin Warsh, and Rick Rieder, chief bond investment manager at BlackRock. Treasury Secretary Scott Bessent said earlier this week that the shortlist has been narrowed to these four names.
Trump and Bessent have repeatedly criticized Powell over his handling of monetary policy, interest rate decisions, and his overall leadership of the Federal Reserve. More recently, the U.S. Department of Justice issued a subpoena to Powell related to the renovation of the Fed’s headquarters.
Powell was originally nominated to lead the Federal Reserve by Trump in 2017 and was later reappointed by former President Joe Biden.
