Trump Open to Fed Chair Candidates
President Trump appears to be quite flexible regarding potential replacements for Federal Reserve Chairman Jerome Powell. The Treasury Department has indicated that he even considers Post’s Janet Yellen among the candidates.
Powell’s term expired in May 2026, and the Trump administration has been interviewing a wide array of potential successors. Treasury Secretary Scott Bessent mentioned that they’ve cast a “very broad net” in this search.
“The president has a very open mind,” Bessent noted. He added that Trump even thought about reappointing Janet Yellen, emphasizing a desire to gather various opinions.
Bessent articulated that the key factors in choosing a new chair are not based on ideology but rather on economic principles that benefit Americans. During conversations with candidates, he looks for insights on monetary policy, regulatory frameworks, and organizational management, which he believes currently needs streamlining.
Janet Yellen, who served as chair from February 2014 to February 2018 under President Obama and for part of Trump’s presidency, also has experience as Treasury Secretary under President Biden. Recently, she criticized Trump’s decision to dismiss Erica Mantelfer, the former chief of the Bureau of Labor Statistics. Yellen described the incident as behavior befitting a “Banana Republic.”
In her role as Treasury Secretary, Yellen has defended Biden’s economic strategies, pointing out the rising inflation while criticizing policies from the Trump administration. She remarked, “Our economic agenda is far from the end,” and lamented the deteriorating infrastructure, suggesting that prior attempts at fixing issues were treated dismissively in the past administration.
Bessent noted that Trump is weighing as many as ten possible candidates to succeed Powell. Some notable names include former St. Louis Fed President James Bullard, former economic advisers Kevin Hassett and Mark Schmerlin, and current Fed Governor Christopher Waller, according to the Wall Street Journal.
Trump has expressed frustration with Powell’s reluctance to reduce interest rates, labeling him as “too late Powell.” Recently, he threatened to file a lawsuit against Powell over what he deemed a “terrible incompetent job” overseeing a renovation project at the Federal Reserve’s Washington, D.C. headquarters.
In a related move, Trump nominated his Economic Adviser Council member Ally Stephen Miran to the Federal Reserve Committee, which follows his abrupt resignation of Governor Adriana Kugler last week.
Bessent remarked that Trump would effectively have a majority on the D.C. board once Powell is replaced, highlighting the importance of the two appointments being made soon.
The White House has not yet responded to requests for comments regarding these developments.
