Trump Takes Jabs at Powell as Potential Fed Leaders Emerge
Potential candidates for the Federal Reserve Chair position following Powell: Analysis of leading contenders
President Donald Trump takes another jab at Federal Reserve Chair Jerome Powell ahead of the June interest rate decision, calling him names like 'numbskull' and 'stupid person.'
In a presser this week, Trump expressed his discontent with the Federal Reserve for not slashing interest rates. Its decision to keep rates unchanged for the fourth time this year didn't sit well with the president.
Powell, during the press conference, remained composed when asked about the verbal barbs from Trump. "Let's keep it simple. We all want a robust American economy, a strong labor market, and price stability. That's what we aim for. Our policy stance is sound, and it's well-positioned to deliver just that. The economy has been resilient, thanks to our approach," he said[2]. He declined to comment on his future at the Fed if not reappointed as a governor.
As speculation swirls about a new Fed leader, here are some key potential contenders:
Scott Bessent
Currently serving as the U.S. Treasury Secretary, Scott Bessent has spent much of his career managing investments[1]. Known for managing investments for billionaire George Soros, Bessent is rumored to be the front-runner for the top Fed spot[1][5]. In a recent hearing, he hinted at his contentment with his current role, saying, "I consider this the best job in Washington, D.C. I'd be glad to do what the president wants, but I'd prefer to stay in my seat till 2029 to advance the administration's agenda."
Kevin Hassett
Economist and National Economic Council Director Kevin Hassett, who has served in Trump's orbit since the first term, has been pushing for Trump's tax agenda, famously referred to as the 'big beautiful bill.'
Judy Shelton
Monetary economist and senior fellow at the Independent Institute, Judy Shelton was an advisor to Trump during his first term and a critic of the Fed[1]. Despite not being at the top of the list, she has expressed gratitude for being mentioned as a possible candidate[1].
Kevin Warsh
Former Fed official Kevin Warsh, who was considered by Trump for Treasury Secretary, is also reportedly a contender for the Fed chair position[1]. Warsh is currently a Shepard Family distinguished visiting fellow in economics at the Hoover Institution.
FOX Business Network's Eric Revell contributed to this report.
[1] Bloomberg[2] Fox Business Network[3] Market Realist[4] Business Insider[5] Reuters
- Scott Bessent, currently the U.S. Treasury Secretary, is a potential contender for the Federal Reserve Chair position, known for his extensive investment management experience, including managing investments for George Soros.
- Economist and National Economic Council Director Kevin Hassett, who has served in Trump's orbit since the first term and pushed for Trump's tax agenda, is also rumored to be a possible candidate for the Federal Reserve Chair.
- Judy Shelton, a monetary economist and senior fellow at the Independent Institute, was an advisor to Trump during his first term and a critic of the Federal Reserve, and she has expressed gratitude for being mentioned as a potential candidate for the top Fed spot.
- Kevin Warsh, a former Fed official who was considered by Trump for Treasury Secretary, is also reportedly a contender for the Federal Reserve chair position, currently holding a position at the Hoover Institution.
- General-news outlets like Bloomberg, Fox Business Network, Market Realist, Business Insider, and Reuters have been speculating about the possible candidates for the Federal Reserve Chair role, following President Donald Trump's criticism of current Fed Chair Jerome Powell and the ongoing talk about a potential new leader.
