President Trump said on Tuesday that he has narrowed down his pick for Fed chair, the person who will ultimately replace Jerome Powell and unilaterally change the course of the United States economy.
On CNBC’s “Squawk Box,” the President was asked about who he would pick to hold Powell's position. The president named both Kevin Hassett, director of the National Economic Council, and Kevin Warsh, a former member of the Federal Reserve Board of Governors.
“I think Kevin and Kevin, both Kevins, are very good,” he said. The President said two other people were under consideration, but current Treasury Secretary Scott Bessent was not among them. Bessent had been considered an ideal choice. “I love Scott, but he wants to stay where he is,” Trump said.
While the other two candidates were not named, the president took the opportunity to bash Jerome Powell.
President Trump: “I call him Too Late. Jerome, Too Late, Powell. Hs too late. He's too late always. Always has been, except when it came to lowering interest rates before the election.” pic.twitter.com/EVAnQb216R
— Townhall.com (@townhallcom) August 5, 2025
President Trump has become increasingly critical of the Federal Reserve Chair in recent months, especially as disagreements over economic policy have intensified. Trump, who originally picked Powell for the role, has pushed for much lower interest rates, believing it will boost the economy. His public attacks have included threats to remove Powell from his position if he doesn’t follow Trump’s preferred policies. Most recently the president toured the Federal Reserves newest renovations, slated to cost taxpayers $2.5 billion, in a move to make the Fed Chair squirm.
Why is the Federal Reserve’s HQ renovation costing more than twice the amount per square foot of any other historic building renovation?
— James Blair (@JamesBlairUSA) July 19, 2025
$2.5B and counting!
25% more than U.S. Capitol cost to construct - a building that has 5x the sq ft and houses 5x the staff! pic.twitter.com/vHrJzkCGaO
What we are witnessing at the Fed today, is Trump giving Powell a public spanking.
— Clandestine (@WarClandestine) July 24, 2025
I don’t know what the end objective is, or what is going to happen, but Trump certainly has a way of politely talking shit about the person standing right next to him.
pic.twitter.com/VcOg40RECq