Story perspectives

Trump Nears Fed Chair Pick Amid Controversies

1/24/2026

Summary

Story summary

U.S. President Donald Trump said he is close to selecting a new Federal Reserve chair, narrowing candidates to one.
He criticized Jerome Powell for not cutting rates quickly and cited a Supreme Court hearing on Trump's attempt to fire Lisa Cook.
Trump noted Treasury Secretary Scott Bessent’s preference to remain in his position.
The Justice Department is investigating Powell over a Fed headquarters renovation, stirring independence concerns.

History

Historical Context

Established on December 23, 1913, the Federal Reserve System was created to stabilize the U.S. economy following the Panic of 1907. Over the years, its role has expanded, particularly during crises like the Great Depression and the 2008 financial crisis. Recent tensions between President Trump and Fed Chair Jerome Powell highlight ongoing debates about the balance between presidential influence and the Fed's independence, impacting economic policy.

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Story summary

U.S. President Donald Trump said he is close to selecting a new Federal Reserve chair, narrowing candidates to one.
He criticized Jerome Powell for not cutting rates quickly and cited a Supreme Court hearing on Trump's attempt to fire Lisa Cook.
Trump noted Treasury Secretary Scott Bessent’s preference to remain in his position.
The Justice Department is investigating Powell over a Fed headquarters renovation, stirring independence concerns.

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