Trump picks ‘numbskull’ Powell’s replacement for Fed chair
Tierney L. Cross/Bloomberg via Getty Images
This announcement comes after a longtime feud between “numbskull” Powell and the president, with Trump often criticizing Powell’s refusal to cut interest rates.
This conflict came to a fever pitch when Trump’s Department of Justice launched a criminal investigation into Powell over his testimony to the Senate Banking Committee in June 2025, when he discussed the ballooning cost of renovation to the Fed headquarters.
In a statement following the subpoena, Powell claimed the investigation was actually a political response to “whether the Fed will be able to continue to set interest rates based on evidence and economic conditions — nor whether instead monetary policy will be directed by political pressure or intimidation.”
Photo by Kevin Dietsch/Getty Images
Trump was originally considering National Economic Council Director Kevin Hassett for the role, but later suggested he would pick someone else because he wanted to keep Hassett in his position.
“[There] was great speculation that highly respected Kevin Hassett was going to be named Chairman of the Fed, and a great Chairman he would have been but, quite honestly, he is doing such an outstanding job working with me and my team at the White House, that I just didn’t want to let him go,” Trump wrote in a Truth Social post.
“Kevin is indescribably good so, as the expression goes, ‘if you can’t do better, don’t try to fix it!’ Thank you Kevin for doing such a great job!”
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