Trump says he has ‘two or three' choices to replace Fed's Powell
WASHINGTON : US President Donald Trump said on Tuesday he has two or three top choices to replace Jerome Powell as Federal Reserve chair.
Powell, whose term ends in May 2026, was nominated by Trump to lead the US central bank during his first administration.
When asked abroad Air Force One whether he has a top choice to succeed Powell, Trump told reporters, 'I have two or three top choices,' but declined to provide further information.
The Wall Street Journal reported last week that Trump is considering former Fed governor Kevin Warsh and National Economic Council director Kevin Hassett as replacements. Treasury secretary Scott Bessent is also being pitched as a potential candidate, according to the newspaper, which also listed former World Bank president David Malpass and Fed governor Christopher Waller as potential nominees.
According to the Journal, Trump has toyed with the idea of selecting and announcing a replacement as early as September or October.
However, Bessent told Bloomberg TV on Monday that the Trump administration is considering using the next expected Federal Reserve Board of Governors vacancy in early 2026 for appointing a successor.
Since returning to the White House in January, Trump has criticised Powell and other Fed governors for deciding not to lower interest rates, which are currently in the 4.25%-4.50% range.
Fed chairs have long been seen as insulated from presidential dismissal for reasons other than malfeasance or misconduct, but Trump has threatened to test that legal premise with frequent threats to fire Powell.
A supreme court ruling in May eased concerns that Trump could fire Powell as the justices called the Fed 'a uniquely structured, quasi-private entity.'
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The Star
42 minutes ago
- The Star
Filipino Americans brace for impact of Trump's ‘big, beautiful bill'
LOS ANGELES: As the United States moves forward with implementing President Donald Trump's sweeping legislative package – dubbed the 'One Big Beautiful Bill' – many Filipino American communities are bracing for policy changes that could significantly impact their daily lives. From immigration and healthcare to education and remittances, advocates warn that the proposed reforms may jeopardise vital support systems for thousands of immigrant families across the country. Described by supporters as a move toward fiscal efficiency, the bill contains deep cuts to Medicaid, stricter work requirements for food assistance programmes, expanded funding for deportations and a controversial new tax on international remittances. One of the bill's most alarming aspects is its potential impact on healthcare access for millions of low-income Americans. Filipino Americans, many of whom work in frontline healthcare roles, are particularly vulnerable to the Medicaid funding cuts. This federal-state programme serves as a lifeline for many, offering essential medical coverage and preventive care. The Congressional Budget Office estimates that up to ten million Americans — primarily from communities of colour — could lose Medicaid coverage by 2034. For Filipino Americans, who already experience healthcare disparities and face higher rates of chronic conditions such as diabetes and hypertension, the proposed changes could deepen existing inequalities. According to the National Domestic Workers Alliance (NDWA), 'Medicaid is used to pay for 70 per cent of home care and is often care workers' only pathway to affordable, quality care for themselves. These massive cuts are going to have a ripple effect throughout our communities – countless care workers will lose their jobs and their healthcare.' Jessica Caloza, representing California's 52nd Assembly District, which encompasses several Los Angeles County communities with significant Filipino American presence, such as Eagle Rock, South Glendale and Historic Filipino Town, warns that 'the Big Beautiful Bill is dangerous and will harm many of our Filipino families.' 'It gives tax breaks to the rich while slashing numerous safety net programmes, including the largest single cut to food stamps as poverty reaches a two-decade high, and a US$1 trillion cut to Medicaid,' Caloza emphasised in her statement. Major changes to the Supplemental Nutrition Assistance Programme (SNAP), or 'food stamps,' could severely impact working-class Filipino American families – especially those in mixed-status households (with undocumented parents and US-born children, for example). These benefits often allow families to afford healthier, more expensive food options. Perla Bermudez Santos, founder of the MoTHER Movement, a Los Angeles-based group of Filipino American mothers and seniors, and co-author of 'Caregiving Manual II: Skills and Strategies for Compassionate Care,' noted that while members appreciate new tax deductions and the exemption of Social Security benefits from federal taxes, serious concerns remain. 'Members are worried about the rising cost of fruits, vegetables and other nutritious food options,' said Santos. 'Many seniors receive just US$1,000 a month in retirement benefits and must cover rent, food, transportation, clothing and other essentials. For them, supplemental food benefits are vital to making ends meet.' Another contentious provision is a one per cent excise tax on remittances sent abroad – impacting green card holders, visa workers and undocumented immigrants, including many Filipino Americans. With over US$10 billion in annual remittances sent to the Philippines, this tax could significantly reduce support to families abroad and affect local economies dependent on overseas funds. The bill also proposes 100 per cent tax deductions for donations to private school voucher programmes, a move critics argue could siphon funding from public schools. Many students of colour – including Filipino Americans – attend underfunded public schools that rely on government support. Additionally, expanded funding for immigration enforcement – including a US$170 billion allocation, with US$75 billion earmarked for Immigration and Customs Enforcement (ICE) – has stoked fear among the estimated 340,000 undocumented Filipino Americans. Many are longtime residents, essential workers and Deferred Action for Childhood Arrivals recipients now facing heightened uncertainty. Caloza, an immigrant and lifelong public servant who has advocated for working families throughout her various roles at the federal, state and local levels, condemned the bill's immigration provisions. 'I'm devastated by the unrest and fear that families – including Filipinos – in our communities face due to the ongoing ICE raids and increased immigration enforcement,' Caloza said. 'Our taxpayer dollars should go toward our schools, parks, libraries and hospitals – and for communities like mine that have been devastated by wildfires. We also need to invest in emergency recovery,' she added. Asian Americans Advancing Justice (AAAJ), a network of four independent Asian American civil rights organisations, echoed that sentiment: 'This legislation prioritises harmful immigration crackdowns at the expense of the urgent needs of everyday Americans.' In response, Filipino American organisations across the country are launching efforts to educate and support affected families through town halls, legal clinics and resource guides. AAAJ stated, 'The Reconciliation Bill directly attacks not just immigrant communities, but all Americans who rely on essential health and nutrition programmes. We need laws that invest in opportunities and our future – not laws that cater to the mega-rich and funnel resources into systems of exclusion and cruelty.' The National Domestic Workers Alliance expressed similar resolve: 'Today, our hearts are heavy. We fought tirelessly – standing shoulder-to-shoulder at vigils, rallies and lobbying blitzes. Now, it's time to turn our grief and outrage into powerful action.' 'We are mobilising to hold accountable every lawmaker who chose cruelty over compassion. In just a few weeks, our massive Protect Medicaid Mobilisations will send an undeniable message: these heartless cuts will have consequences,' the organisation added. The Congressional Asian Pacific American Caucus (CAPAC), which includes 73 members advocating for Asian American, Native Hawaiian and Pacific Islander (AANHPI) communities, held a press conference addressing the bill's devastating consequences. 'We are united in our commitment to protecting Asian Americans, Native Hawaiians and Pacific Islanders from harmful policies that threaten our rights, our safety and our well-being,' said Rep. Grace Meng, CAPAC Chair. 'Instead of working to lower costs, as he promised on day one, President Trump and Congressional Republicans are waging endless culture wars. This is not what the American people want. CAPAC will continue to fight tooth and nail to protect our rights, hold our leaders accountable and ensure our voices are heard.' NAFCON USA, a coalition of Filipino grassroots organisations and nonprofits, also issued a call to action: 'We urge everyone to get involved, take action and stand alongside Filipino organisations to organise, defend our communities and build the future we deserve.' With the bill's implementation, Filipino Americans find themselves at a critical crossroads – confronting not only sweeping legislative changes but also profound personal consequences for their families and communities. For many, the looming enactment of Trump's 'Big Beautiful Bill' marks a defining moment in their ongoing struggle for dignity, security and the American dream. - Philippine Daily Inquirer/ANN
New Straits Times
2 hours ago
- New Straits Times
ECB expected to hold rates as Trump tariff uncertainty lingers
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The Star
2 hours ago
- The Star
Gold gains on softer dollar as investors await US trade updates
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