Jerome Powell, initially appointed as the Federal Reserve Chairman by U.S. President Donald Trump during his first term, has since faced criticism from Trump. The former president has urged Powell to lower interest rates and accused him of not supporting his economic strategies, including tariffs and tax cuts.
Scott Bessent, in a CNBC interview, mentioned having “11 very strong candidates” and plans to meet with them around Labor Day, which falls on September 1 this year, to narrow down the list presented to President Trump.
Currently, Donald Trump has announced four candidates to join the Federal Reserve Board of Governors, including filling a vacancy left by Adriana Kugler, who resigned after being appointed by Joe Biden in 2023.
Trump has already nominated his economic advisor, Stephen Miran, to fill Kugler’s position pending renewal at the end of January.
The nomination of Stephen Miran, who has previously advised the president and supported his economic policies, requires confirmation by the Republican-majority Senate.
