U.S. President Donald Trump on Wednesday doubled down on his criticism of Federal Reserve Chair Jerome Powell for not lowering interest rates more quickly, saying: “I’ll be honest, I’d love to fire his ass.”
Trump, speaking at a Saudi Arabia-backed investment forum in Washington, urged Treasury Secretary Scott Bessent to accelerate the hunt for a successor for Powell, whose term as Fed chair ends in May. His term as Fed governor ends in 2028.
“You’ve got to work on him, Scott. The only thing Scott’s blowing it on is the Fed,” Trump said about Bessent, who was in the audience for the event at the Kennedy Center in Washington.
“The rates are too high, Scott, and if you don’t get it fixed fast, I’m going to fire your ass,” Trump said, apparently in jest.
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The next chair is likely to be named to a 14-year Fed governor term that begins February 1. The term that expires then is now held by Stephen Miran, who is on unpaid leave from his role as head of the White House Council of Economic Advisers.
SUCCESSOR SEARCH ACCELERATES
Bessent, who is leading the search for a new Fed chair, on Tuesday told Fox News that Trump is slated to meet the three finalists for the job after Thanksgiving, November 27, with a new pick likely to be announced before Christmas.
Trump has repeatedly praised Bessent’s work, and has said the Treasury secretary would be his pick for the Fed chair job, although Bessent has told him he would rather remain at the helm of Treasury and the Internal Revenue Service.
Trump told reporters on Tuesday that his administration had some “great names” in mind for the top post at the Fed.
Trump reiterated that Bessent did not want the job and continued to berate Powell, whom he nominated for the job during his first term.
Trump has hammered Powell since before taking office in January about his leadership of the Fed, describing him as incompetent and questioning his handling of a Fed renovation project that he says is billions of dollars over budget.
Powell rejects that claim, arguing that Trump is adding in the renovation cost for another central bank office that was completed five years ago.
Bessent has named five finalists: White House economic adviser Kevin Hassett, former Fed Governor Kevin Warsh, current Fed Governor Christopher Waller, Fed Vice Chair for Supervision Michelle Bowman, and BlackRock executive Rick Rieder.
