White House Initiates Search for New Fed Chair Amid Criticism
The White House confirms a formal process to find a replacement for Fed Chair Jerome Powell, despite his continued tenure and presidential criticism.
Overview
- The White House is not planning to dismiss Fed Chair Jerome Powell, despite criticism from President Biden.
- Bessent announced the start of a formal process to identify a new Fed chair.
- Numerous strong candidates are being considered for the Fed chair position.
- Jerome Powell has not indicated any intention to resign from his role.
- The search for a replacement reflects ongoing tensions between the White House and the Federal Reserve.
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FAQ
The White House started a formal process to find a replacement for Jerome Powell as Fed Chair reflecting ongoing tensions between the administration and the Federal Reserve, as well as criticism of Powell's monetary policy, even though he has not resigned and his term runs through 2026.
Jerome Powell has not indicated any intention to resign from his role as Federal Reserve Chair and appears to plan to complete his term which ends in May 2026.
Jerome Powell can only be removed from his position for cause due to legal protections, which limits the ability to dismiss him despite the political pressure and criticism he faces.
The White House prefers that Jerome Powell step down from the Federal Reserve entirely once his chairmanship ends, to avoid confusion and maintain market stability, as traditionally the Fed Chair also resigns as a governor when leaving the chair position.
The White House aims to announce a nominee for the next Fed Chair as early as October or November 2025.
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