Share this article!

Economic advisers to former President Donald Trump’s re-election campaign have offered a shortlist of candidates to replace Jerome Powell as chairman of the Federal Reserve.

The Wall Street Journal, sourcing its coverage from unnamed “people familiar with the matter,” reported Trump advisers Steve Moore and Arthur Laffer recommended Kevin Warsh, an economic-policy adviser to President George W. Bush who later served on the Fed’s board of governors and Kevin Hassett, a former chairman of the Council of Economic Advisers during the Trump administration. Laffer, an economic adviser to former President Ronald Reagan and to Trump’s 2016 election campaign, also offered himself for consideration.

Powell, who was appointed by Trump in 2018 and reappointed by President Biden in 2022, serves as the central bank’s chairman into 2026 and will remain on the Fed’s board through early 2028. Trump soured on his appointment of Powell during his presidency and has stated he would not consider him for a new term, adding that he believed Powell will cut rates later this year to benefit Biden’s re-election.

Trump reportedly did not commit to the proposed candidates. Moore told the Journal, “If he wins the election, this is going to be perhaps, other than maybe a Supreme Court nominee, one of his most important decisions in terms of personnel. Our committee agrees – and Trump certainly agrees – that Powell was a mistake, so we want to make sure we don’t make a mistake again.”