President Trump’s top economic adviser revealed Friday that the White House is exploring whether it can legally fire Federal Reserve Chair Jerome Powell, according to reporters at the White House. Trump, frustrated by Powell’s refusal to cut interest rates, has intensified his public criticism of the Fed chief.
National Economic Council Chair Kevin Hassett, once skeptical of removing Powell, now says Trump’s team is reviewing options to replace him. A 90-year-old Supreme Court precedent likely protects Powell unless misconduct is proven, and Powell has vowed to serve his full term.
Trump’s anger reignited after Powell warned the president’s tariffs could trigger stagflation. Despite past legal cautions and market risks, Trump appears determined to oust the Fed chair.
Trump Eyes Kevin Warsh to Replace Fed Chair
Now former Fed governor Kevin Warsh has emerged as the leading candidate to take his place.
Warsh, a Wall Street veteran and Bush-era economic adviser, previously served on the Fed during the Great Recession. He’s aligned with Trump’s criticism of recent Fed decisions, arguing in a Wall Street Journal op-ed that inflation stems from excessive government spending and central bank overreach.
Treasury Secretary Scott Bessent said interviews for Powell’s successor could begin this fall, fueling speculation that Trump may move early to reshape the Fed’s leadership.
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