Trump says he has a top choice to replace Jerome Powell as Federal Reserve chair, but skips on a name
Trump says he’s likely chosen who will replace Fed Chair Jerome Powell
- Donald Trump stated he has likely narrowed his choice for the next Federal Reserve chair to one person, following his speech at the World Economic Forum in Davos.
- Trump repeatedly criticized current Fed chair Jerome Powell over his interest rate policies and a $2.5 billion renovation project at the Reserve's headquarters.
- Trump's criticism of the renovation project led to a Department of Justice (DOJ) criminal investigation into Powell, which the chair has condemned.
- The DOJ investigation has complicated the process of replacing Powell, with two Republican senators, Thom Tillis and Lisa Murkowski, placing holds on nominations until the probe concludes.
- This situation has raised concerns among senators and others about the erosion of the Federal Reserve's independence under the current administration.