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—
President
United States
(US)
Donald Trump
has two hot candidates who will replace the Chairman of the Board of Governors of the Federal Reserve (
The Fed
) Jerome Powell.
Powell’s term of office will end on May 15, 2026.
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In an interview with The Wall Street Journal this week, Trump nominated former Fed Governor Kevin Warsh and National Economic Council Director Kevin Hassett.
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Kevin Hassett is a conservative economist and served as Chairman of the White House Council of Economic Advisers during Trump’s first term as president.
Additionally, currently, Hassett also serves as Director of the National Economic Council and has advocated for lower interest rates.
Meanwhile, Kevin Warsh is also being considered as a name that could be approved by the Fed’s Senate and his father-in-law is major Republican donor Ronald Lauder.
The Fed is an independent institution that, through its committee, will decide to raise or lower the benchmark interest rate.This will impact lending by businesses and individuals in the US.
The Fed Chair’s leadership is limited by the fact that the US central bank is an institution that prioritizes consensus.
This means that the Fed governor only has one vote from the 12 committee members when deciding whether interest rates will be raised or lowered.
Therefore, someone who will replace Powell as Chair of the Fed cannot act unilaterally on Trump’s request to lower interest rates.
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