Trump: Considering suing Powell for

# Hao He

Donald Trump has indicated that he already has a preferred candidate in mind for the next Chair of the Federal Reserve, but he is in no hurry to announce the selection, which may come in January. He also reiterated that he might dismiss current Fed Chair Jerome Powell and is considering filing a lawsuit against Powell on grounds of "gross incompetence" over an ongoing renovation project at the Federal Reserve.

On Monday local time, U.S. President Donald Trump hinted that he has settled on a candidate he favors for the next Federal Reserve Chair, though he is not rushing to make the announcement. Meanwhile, he once again mentioned the possibility of dismissing current Fed Chair Jerome Powell.

Trump stated that he will announce the Fed Chair pick at an appropriate time, noting there is plenty of time and the successor to Powell is likely to be named in January. When asked at Monday’s press conference if he had a preferred candidate, Trump replied:

“Yes, I do, and that hasn’t changed. I’ll announce it when the time is right—there’s still ample time.”

Trump did not disclose the identity of his top candidate, only saying the decision would be announced sometime in January.

On Monday, Trump also said he is weighing a lawsuit against Powell for "gross incompetence" related to an ongoing renovation project at the Federal Reserve. Trump argued that Powell "should resign" and admitted he is "dying to fire him," telling reporters at his Mar-a-Lago resort in Florida: “Maybe I still can do it right now.”

Currently, Kevin Hassett, Director of the National Economic Council, is regarded as one of the front-runners for the next Fed Chair. However, Trump has also expressed interest in former Fed Governor Kevin Warsh. Other candidates on the shortlist include current Fed Governors Christopher Waller and Michelle Bowman, as well as Rick Rieder of BlackRock.

Trump has made vague and even contradictory remarks about the decision-making process for the new Fed Chair on multiple occasions. Earlier this month, he claimed the candidate pool had been narrowed down to one person, but later stated he was still considering several candidates and spoke highly of several individuals on the shortlist.

Trump has long been critical of Powell, whom he appointed as Fed Chair during his first term. He has made it clear that he wants the next Chair to be more aggressive in cutting interest rates to help the White House reduce mortgage costs.

Powell’s term as Fed Chair will end in May 2026, while his term as a member of the Federal Reserve Board of Governors runs until 2028.

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