Trump launches an early search for a new Fed Chair to align monetary policy with his agenda, floating the idea of a ‘shadow Fed Chair’ to push for lower interest rates and reduced debt costs.

The Treasury secretary also stated his preference that Powell step down from the Fed entirely when his term ends. “Traditionally, the Fed chair also steps down as a governor."

Treasury Secretary Scott Bessent said Tuesday that a “formal process” to find a successor for Federal Reserve Chair Jerome Powell has already started — as the Trump administration ratchets up pressure for the top central banker to step aside before his term ends.

TLDR The formal process to find a replacement for Jerome Powell as Federal Reserve Chair has officially started. Treasury Secretary Scott Bessent confirmed that the White House is actively reviewing candidates for the position.

The Trump administration is toying with removing Jerome H. Powell as chair of the Federal Reserve, accusing him of mismanaging a multibillion-dollar update to its Washington headquarters.