Story perspectives

Trump Set to Name New Fed Chair Friday

1/30/2026

Summary

Story summary

U.S. President Donald Trump will announce his choice for the new Federal Reserve chair on Friday, ending a five-month selection process.
Final candidates are former Fed Governor Kevin Warsh, National Economic Council Director Kevin Hassett, Fed Governor Christopher Waller, and BlackRock's Rick Rieder.
Prediction markets show Kevin Warsh as frontrunner with 80% probability, while senators worry about political influence after a Justice Department probe into Jerome Powell, the Fed chair.

History

Historical Context

The Federal Reserve Act, enacted on December 23, 1913, established the Federal Reserve System to stabilize the U.S. economy following financial panics, notably the Panic of 1907. This act created a central banking authority tasked with regulating inflation and ensuring financial stability. Ongoing debates about the Fed's independence and political influence reflect historical tensions between government oversight and banking interests, impacting economic policy today.

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Story summary

U.S. President Donald Trump will announce his choice for the new Federal Reserve chair on Friday, ending a five-month selection process.
Final candidates are former Fed Governor Kevin Warsh, National Economic Council Director Kevin Hassett, Fed Governor Christopher Waller, and BlackRock's Rick Rieder.
Prediction markets show Kevin Warsh as frontrunner with 80% probability, while senators worry about political influence after a Justice Department probe into Jerome Powell, the Fed chair.

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