New Federal Reserve Chair:
There is no official announcement that Donald Trump will appoint a new Federal Reserve chair at this time. The current chair of the Federal Reserve is Jerome Powell.
However, there is a rumor that Donald Trump will soon appoint a new chair of the Federal Reserve.
Here are some key points about the situation:
Jerome Powell's Term: Jerome Powell's current term as chair of the Federal Reserve ends in May 2026. His term as a member of the Board of Governors extends until January 2028.
Trump's Criticism of Powell: Donald Trump has repeatedly criticized Jerome Powell and the Federal Reserve's policy, especially regarding interest rates. He has expressed that he would not reappoint Powell if he were president again.
Independence of the Fed: The law states that the President of the United States can appoint the chair of the Federal Reserve with the "advice and consent" of the Senate. However, the chair of the Fed can only be removed "for cause," a legal concept that does not include differences in monetary policy. Powell has stated that he would not resign if Trump asked him to.
