Trump considering 11 candidates as Jerome Powell's replacement after ‘major lawsuit' declaration: Source
Eight names were initially under consideration for Powell's replacement. Jefferies Chief Market Strategist David Zervos, former Fed Governor Larry Lindsey, and Rick Rieder, chief investment officer for global fixed income at BlackRock, have now joined the list.
The other confirmed candidates are Fed Vice Chair for Supervision Michelle Bowman, Fed Governor Chris Waller, Fed Vice Chair Philip Jefferson, Marc Summerlin, Dallas Fed President Lorie Logan, and former St. Louis Fed President James Bullard.
Last week, President Trump announced that he had four particular candidates in mind. Among them, he even spoke in slight favour of former Governor Kevin Warsh and National Economic Council director Kevin Hassett. 'Both Kevins are very good, and there are other people that are very good, too,' Trump told CNBC.
Donald Trump's major lawsuit against Jerome Powell
Trump is currently planning a 'major lawsuit' against Jerome Powell for his handling of the reconstruction of the Federal Reserve's buildings. According to Trump, Powell spent $3 billion for a job that should have taken him only $50 million, per CNBC. Additionally, Trump has been upset with Powell's position on interest rates.
'I am, though, considering allowing a major lawsuit against Powell to proceed because of the horrible, and grossly incompetent, job he has done in managing the construction of the Fed Buildings,' Donald Trump wrote on Truth Social, on August 12.
'Three Billion Dollars for a job that should have been a $50 Million Dollar fix up. Not good!' he added. Jerome Powell first took office in February 2018 as the Federal Reserve Chairman. In May 2022, he was reappointed for a second term.
FAQs:
1. Who is the current Federal Reserve Chairman?
Jerome Powell is the current Federal Reserve Chairman.
2. When does Federal Reserve Chairman Jerome Powell's term expire?
Federal Reserve Chairman Jerome Powell's term will expire in May 2026.
3. What has Donald Trump accused Jerome Powell of?
Donald Trump has accused Jerome Powell of incompetence over the latter's handling of the reconstruction of the Federal Reserve's buildings.
4. What is Donald Trump planning to do with Jerome Powell?
President Donald Trump is considering a 'major lawsuit' against Jerome Powell.
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