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President Donald Trump threatened to sue Federal Reserve Chairman Jerome Powell over the central bank’s costly renovation project.
Before the New Year holidays, President donald trump said he will make a decision on who he wants to lead the Federal Reserve in January.
Current Chairman Jerome Powell’s term expires in May 2026 and he has made it clear that he will fulfill his obligation to lead the central bank.
This week, Trump continued his verbal assault on Powell, who he again called “too late” for not cutting interest rates at a faster pace. He also called him “a fool” and criticized him for the over-budget renovation of the Fed’s headquarters in Washington DC.
FOX Business takes a look at the shortlist of candidates that has been whittled down to four, according to Treasury Secretary Scott Bessent, who helped vet the candidates.
Some have connections to the central bank and the White House, while another holds the top spot at the world’s largest asset manager.
TRUMP SLAMS US POWELL AS ‘JUNT’, THREATS LAWSUIT FOR RENEWALS
Kevin Hassett
Kevin Hassett is the director of the National Economic Council. (Allison Robbert/Bloomberg via Getty Images)
Hassett, who is a top two pick, is on his second spin through Trump’s orbit. He is director of the National Economic Council. In the first Trump administration, he was a senior adviser and chairman of the Council of Economic Advisers. Both agencies work together with the White House on economic policies.
After the US economy posted 4.3% growth in the third quarter, Hassett made a victory lap for the White House. “Trump’s policies are working and they’re working very visibly because we’ve seen the data,” he said during an interview with FOX Business Network’s “Kudlow.” following the report.
THE FED’S EXPECTED RATE REDUCTION WITH OTHER DILEMMA FOR THE CENTRAL BANK
Kevin Warsh
Former Federal Reserve Board Governor Kevin Warsh discusses the importance of ADP ending data sharing with the Federal Reserve and returning inflation data to “Maria Bartiromo’s Wall Street.”
The former Federal Reserve governor, who joins Hassett as a leading candidate for the Fed chairmanship, has long been a critic of the central bank.
“I think his track record is very poor in forecasting the growth of the economy based on policies like the ones the president has put in place. And his inflation forecasts have also been terrible. That’s why they came so late, and that’s why we had this spike in inflation that has hurt the hardest-working Americans among us the most. So, I think Maria still said during a recent appearance, “Bartiromo’s Wall Street.”
Rick Rieder
BlackRock Global Fixed Income CIO Rick Rieder discusses the state of the US economy at the start of the new year on “The Claman Countdown.”
Rick Rieder, chief investment officer at BlackRock of global fixed income, oversees $3.2 trillion in client assets for the world’s largest asset manager. BlackRock has more than $10 trillion under management. During an interview with Liz Claman of FOX Business in December, Rieder declined to comment on possibly leading the Fed instead of referencing what he said the last time he was on FBN.
| Ticker | security | last | change | % change |
|---|---|---|---|---|
| BLK | BLACKROCK INC. | 1,083.16 | -5.24 |
-0.48% |
“When I first heard that, I thought it would be the greatest honor of my life. I mean, to really be considered for a position like that and think about the responsibility, and frankly, what I thought about is the ability, and I think serving your country is such a powerful dynamic, it’s the ability to help people through monetary policy, through economic transmission, is very powerful,” he said in August.
AMERICANS ARE GOING TO GET A HUGE TAX REFUND NEXT YEAR
Christopher Waller
Christopher Waller, (Al Drago/Bloomberg via Getty Images/Getty Images)
WALLER: SET ME THE BILL FOR THE NEXT FED CHAIR
Waller, along with her colleague Michelle Bowman, were among the first Fed dissenters to vote in July in favor of rate cuts. The duo pointed to a growing divide within the Federal Reserve, which has been criticized for waiting too long to cut rates amid higher inflation and a slowing labor market.
In December, Waller accepted a Rate rate of 0.25 points by the Fed. This was the third rate cut of the year. In the minutes of the last meeting, published on December 30, the expected number Rate cuts in 2026 remain uncertain.
Eric Revell and Edward Lawrence of FOX Business contributed to this report, which was updated 12/30/25 to reflect the slate of candidates and President Trump’s timing in a selection.
