Trump urges Federal Reserve chair's immediate resignation

Business Jul 08, 2025

President Trump is publicly asking Federal Reserve Chair Jerome Powell to step down, saying Powell's reluctance to cut rates has cost the US "hundreds of billions of dollars."
Even though Trump once supported Powell (who was appointed to the Federal Reserve by Obama), he's now searching for a new Fed boss—even though Powell's term runs until May 2026.

Candidates for new Fed chair

Trump is eyeing people who share his economic views.
Top names include Treasury Secretary Scott Bessent (though he likes his current gig), National Economic Council head Kevin Hassett, Vice Chair Michelle Bowman (known for her regulatory work), former Fed board member Kevin Warsh, and Christopher Waller—who supports rate cuts but values Fed independence.