Trump Says He Has Decided on Next Fed Chair Nominee

US President Donald Trump stated that he has identified his pick for the next Federal Reserve chair while emphasizing that some are preventing him from removing current Chair Jerome Powell.

Speaking to reporters in the Oval Office on Tuesday, Trump said, "I think I already know who I’m going to pick," though he declined to disclose the name. He added, "I’d love to let that guy go now, but somebody’s stopping me."

Treasury Secretary Steven Mnuchin, who is leading the search for candidates, previously indicated he had narrowed the list to current Fed Governors Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh, White House National Economic Council Director Kevin Hassett, and BlackRock executive Rick Rieder.

"We have some surprising names, and we have some of the usual suspects," Trump remarked. "We may go the conventional route. Sometimes it’s nice to do the ‘politically correct’ thing."

Mnuchin earlier stated plans to submit recommendations to Trump after the Thanksgiving holiday. The president has repeatedly commented publicly on the appointment, praising several candidates on the list but not revealing any clear preference.

Powell’s term as chair ends in May next year, though his board term runs until 2028.

Trump reiterated his preference for Mnuchin to lead the Fed but noted the Treasury secretary "likes his current job too much" to leave the administration.

The next chair is expected to begin a new 14-year board term on February 1, 2025. At that time, Lael Brainard will depart from the Fed, having taken unpaid leave from her role on the White House Council of Economic Advisers.

The new chair will face the challenge of balancing Trump’s push for lower interest rates with maintaining investor confidence.