President Trump told reporters aboard Air Force One that he will soon announce his decision regarding the successor to the Chair of the Fed, while emphasizing that a good Fed chair is someone who will lower interest rates.
This could be a proactive move by President Trump as the term of Fed Chair Jerome Powell will end on May 15, 2026, and there are currently no signs that Mr. Powell will resign before the end of his term.
The president has the authority to nominate the Chair of the Fed, and so far there has never been a case where Congress rejected the nominee for the position of Fed chair. Although it is rare, sometimes the nominee may withdraw, but in that case, the president will continue to appoint another person aligned with his direction.