United States President Donald Trump has indicated that he currently has no immediate plans to remove Federal Reserve Chairman Jerome Powell from his position, even as the Justice Department conducts an investigation into Powell's activities.
Trump further commented that it is premature to make a definitive decision on the matter.
In an interview with Reuters, when questioned about the possibility of dismissing Powell, Trump stated, "I don’t have a plan to do that right now." Addressing whether the ongoing investigation provided justification for such an action, Trump replied, "We’re in ‘wait-and-see’ mode regarding that right now. We’ll decide what to do, but I can’t go into detail right now. It’s too early."
Federal Reserve Chairman's Term and Future
Jerome Powell's tenure as the Federal Reserve Chairman is set to conclude in May. However, his role on the FED Board of Governors in Washington is not scheduled to end until 2028.
Potential Successors Mentioned
President Trump also alluded to individuals he might favor as a replacement for Powell. Reports suggest that Trump holds a positive view of former Federal Reserve Board member Kevin Warsh and National Economic Council Director Kevin Hassett for the role. Trump clarified that Treasury Secretary Scott Bessent is not being considered for the position, and that Bessent intends to continue in his current capacity.