Trump says no to third Powell term

Former president says he is “not a fan” of Fed chair he picked in 2017

Donald Trump
Donald Trump
Gage Skidmore (https://bit.ly/3IYY8Dm)

Former US president Donald Trump said he would not nominate Federal Reserve chair Jerome Powell to a third term.

“I thought he was always late, whether it was good or bad, but he was always late,” the former president told Fox Business Network on August 16. “I’m not a fan of Jay Powell.”

Trump nominated Powell to his first four-year term, and he took office in early 2018. He chose him in preference to giving Janet Yellen a second term.

Current president Joe Biden nominated Powell to a second term in late 2021, and the US Senate confirmed him in May 2022. Were Trump to win the 2024 presidential election, he would be president when Powell’s current term expires.

Trump speculated Biden selected Powell because Trump disliked the chair. “I was surprised he was reappointed. Probably he got reappointed because they knew I didn’t like him much,” he said.

One of Trump’s main rivals for the Republican presidential nomination, Florida governor Ron DeSantis, also said he would not re-appoint Powell. DeSantis blamed the Fed for an inflationary spike over the last two years.

DeSantis has also accused the Fed of pursuing progressive social policies outside its mandate.

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