President Donald Trump has expressed his desire to replace Federal Reserve Chair Jerome Powell, stating that Powell’s “termination can’t come fast enough.” However, experts argue that Trump lacks the power to fire the Fed chief due to policy differences.
Kevin Warsh, a former Fed governor and Trump’s former Treasury secretary nominee, is leading contender to succeed Powell. Warsh has ties to Trump, having previously been under consideration for the top job at the Fed during Trump’s first term.
Trump’s administration may appoint Warsh as Fed chair if his current Treasury Secretary, Scott Bessent, does not successfully find a replacement.
Bessent said that “monetary policy is a jewel box that’s got to be preserved” but did not specify who would lead this effort once Powell leaves.
Source: https://edition.cnn.com/2025/04/18/economy/kevin-warsh-federal-reserve-chair/index.html