US President Donald Trump said that there are four candidates for the post of Federal Reserve chairman, occupied by Jerome Powell.
“We are considering a candidate for Federal Reserve chairman, and at this point it is four people“, he said on Tuesday during a conversation with reporters at the White House.
Trump was asked when he would make a decision on a seat on the Federal Reserve Board of Governors, which is expected to become vacant soon. Earlier, Adriana Kugler, who is a member of the board, said she would resign on August 8.
“I will make that decision by the end of the week and we will select a candidate either permanently or for a four-month term“, the American leader replied, emphasizing that the circle of candidates has narrowed to a few people.
The US president has repeatedly emphasized that in his opinion the Federal Reserve should cut the key interest rate. Trump claims that the department deliberately does not do so in order to maintain high borrowing costs for the federal government. The White House said that the Federal Reserve is guided by political interests and that its Board of Governors is strongly anti-Trump.
On July 30, the Federal Reserve kept its interest rate at 4.25-4.5% after its meeting. Powell has repeatedly stated that he has no intention of resigning. His term ends in May 2026. The Federal Reserve was created by Congress in 1913 as an independent agency within the federal government. Officially, it reports directly to Congress, not to the president.