Story perspectives

Trump to Announce Next Fed Chair Amid Tensions

1/24/2026

Summary

Story summary

U.S. President Donald Trump is expected to announce his chosen next Federal Reserve chair soon, with Powell's term ending in May.
The frontrunners are Kevin Hassett, a Trump loyalist, and Kevin Warsh, a hawkish former Federal Reserve governor.
Christopher Waller, a current Federal Reserve governor, and Rick Rieder, a BlackRock executive, are also contenders.
Powell's ongoing investigation and political tensions complicate the process.

History

Historical Context

The Federal Reserve Reform Act of 1977 established a dual mandate for the Federal Reserve to promote maximum employment and stable prices amid economic turmoil, including inflation rates exceeding 13%. This act enhanced accountability and transparency, requiring the Fed to report to Congress. Today, President Trump's upcoming announcement of a new Federal Reserve chair highlights the ongoing significance of monetary policy in shaping economic stability.

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Story summary

U.S. President Donald Trump is expected to announce his chosen next Federal Reserve chair soon, with Powell's term ending in May.
The frontrunners are Kevin Hassett, a Trump loyalist, and Kevin Warsh, a hawkish former Federal Reserve governor.
Christopher Waller, a current Federal Reserve governor, and Rick Rieder, a BlackRock executive, are also contenders.
Powell's ongoing investigation and political tensions complicate the process.

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