U.S. President Donald Trump intensified his criticism of Federal Reserve Chair Jerome Powell on Wednesday. He argued that Powell has been too slow to cut interest rates and added, “I’d love to fire his ass.”
Trump made the remarks at a Saudi Arabia–backed investment forum in Washington. During his speech, he urged Treasury Secretary Scott Bessent to speed up the search for Powell’s replacement. Powell’s term as Fed chair ends in May, while his term as a Fed governor runs until 2028.
Addressing Bessent directly, Trump said he needed to push harder for change at the Fed. He joked that if interest rates were not lowered soon, he might fire Bessent as well.
The next Fed chair will likely be appointed to a 14-year governor term beginning on February 1. That term is currently held by Stephen Miran, who is on unpaid leave from his position as head of the White House Council of Economic Advisers.
Successor Search Accelerates
Bessent, who is managing the selection process, said on Fox News that Trump will meet the three finalists after Thanksgiving on November 27. A final decision is expected before Christmas. Trump has often praised Bessent’s performance and has said he sees him as a strong candidate for Fed chair. However, Bessent has insisted he prefers to stay at Treasury and continue overseeing the IRS.
Trump told reporters that his team has several strong candidates in mind for the top role at the Federal Reserve. He also repeated that Bessent does not want the position. Trump continued to criticize Powell, whom he originally nominated during his first term. He has long accused Powell of poor leadership and has questioned his management of a major Fed renovation project.
Powell disputes those claims and says Trump is incorrectly including the cost of a separate central bank office completed five years earlier.
Bessent has identified five finalists for the job: White House economic adviser Kevin Hassett, former Fed Governor Kevin Warsh, current Fed Governor Christopher Waller, Fed Vice Chair for Supervision Michelle Bowman, and BlackRock executive Rick Rieder.
