Is The Search On For Federal Reserve Chair Jerome Powell's Successor?

Forbes

Treasury Secretary Scott Bessent told Bloomberg on Tuesday a “formal process” has been launched to find Federal Reserve Chair Jerome Powell’s successor, following months of pressure from President Donald Trump to have Powell step down from his role at the agency.  Read the full story on Forbes: https://www.forbes.com/sites/tylerroush/2025/07/15/bessent-says-formal-process-underway-to-find-fed-chair-powells-successor-report-says/  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

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00:00President Donald Trump has been putting pressure on Federal Reserve Chair Jerome Powell to

00:05step down from his post for months.

00:08According to Bloomberg, President Donald Trump met with Congressional Republicans on Tuesday

00:12night to discuss firing Federal Reserve Chair Jerome Powell and is likely to make a decision

00:18soon, a move that will likely provoke a legal battle over the independence of the central

00:22bank.

00:23Trump has denied these claims.

00:26While there has been speculation around who Powell's successor at the Fed would be,

00:30there are some potential candidates that stand out.

00:33Last month, Trump suggested there were, quote, three or four candidates under consideration

00:38to replace Powell.

00:40These include National Economic Council Director Kevin Hassett, as well as former Fed Governor

00:45and Powell critic Kevin Warsh.

00:48The Wall Street Journal also reported that David Malpass, a former Trump administration

00:52official and ex-World Bank president, is being considered alongside Fed Governor Christopher

00:57Waller.

00:59Warsh is the betting favorite to be the next Fed Chair at 20% odds, according to Polymarket,

01:04followed by Hassett and Treasury Secretary Scott Besant at 18% odds each.

01:11If Trump sacked Powell, the move would challenge a Supreme Court ruling from 1935 that found the

01:16president cannot fire leaders of independent federal agencies over policy disagreements.

01:22Trump has previously challenged this ruling, however, after removing both Democratic commissioners

01:27at the Federal Trade Commission and members of the National Labor Relations Board and the

01:31Merit Systems Protection Board earlier this year.

01:34Trump has also repeatedly accused Powell of being, quote, too late to lower interest rates,

01:40adding to Vice President J.D. Vance accusing the Fed of, quote, monetary malpractice in June.

01:47The Fed previously lowered interest rates from a 5.25% to 5.5% target range to a 4.25% to

01:554.5% range as the agency observes the effects of Trump s economy.

02:01For more on this story, check out the article at the link in the description.

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