Trump Hints at Nomination of Economic Advisor to Head the Federal Reserve

SadaNews - U.S. President Donald Trump hinted that he wants to nominate his chief economic advisor, Kevin Hassett, to replace the outgoing Chairman of the Federal Reserve, Jerome Powell, next year.

Trump said during an event at the White House that was attended by Hassett, "It's a great group, and I think a potential Chairman of the Federal Reserve is also here."

He added, "I don’t know, are we allowed to say that, potentially? He’s a respected person, and that’s what I can say. Thank you, Kevin."

Trump stated on Tuesday that he would likely announce "at the beginning of next year" the name of the person he wishes to succeed Powell as Chairman of the Federal Reserve.

He said during a meeting with his administration, "We will likely announce at the beginning of next year who could become the new Chairman of the Federal Reserve."

He reiterated that he had offered the position to Treasury Secretary Scott Pruitt, but the latter "does not want it."

For Trump's nominee for the Federal Reserve Chair to be confirmed, approval from the Republican-controlled Senate is required. The mention of announcing the name in 2026 seems to indicate a further delay in this strategic appointment that the executive branch has been working on for several months.

The U.S. President referred to the files of ten candidates being reviewed on Tuesday, stating, "There is one left." Currently, Kevin Hassett, Trump’s chief economic advisor, is considered the leading candidate.

Jerome Powell's term as Chairman of the Federal Reserve ends in the spring of 2026.

Trump appointed him in 2017 during his first presidential term, but the Republican billionaire has never hidden his desire to remove Powell during his non-consecutive second presidential term, amidst controversy over whether the president has the authority to do so.