President Donald Trump wants to shake up the federal reserve, and he has views of the right person for the position.
Trump plans Kevin Warsh, a former Fed governor, to replace Jerome Powell as president of the Federal Reserve, according to a report by the Wall Street Journal.
In public, the president clearly indicated that he was not satisfied with Powell. In private, Trump discussed the Powell escape before his mandate from the Fed was in May 2026, the newspaper reported.
Trump exploded Powell in a social article on Truth Thursday, saying that the Fed chair is “always too late and bad” before adding that “Powell’s termination cannot come quickly enough!” Also on Thursday, Trump told journalists from the oval office that he had the power to get rid of Powell, despite Powell’s position that such a decision is against the law.
“If I want it, it will be released from there very quickly, believe me,” said Trump.
Trump has already had meetings with Warsh in Mar-A-Lago to select him potentially to replace Powell before the end of Powell’s mandate, the newspaper reported, citing people familiar with the issue.
Warsh, 55, is a former banker of Morgan Stanley who was an economic advisor to President George W. Bush from 2002 to 2006 and governor of the Federal Reserve Board from 2006 to 2011. Warsh helped save banks in difficulty after the 2007-2008 crisis, and helped shape the country’s greater response to the crisis.
Warsh also worked on the Trump’s second term of the second term and was previously one of the president’s best choices for the Treasury Secretary before selecting Scott Bessent. During his first term, Trump also examined Warsh for the Fed chair in 2017 before choosing Powell.
Warsh, a known financial hawk, criticized the growing debt of the United States, saying in July that inflation is the fault of “irresponsible government spending and excessive money printing”.
It is not clear if Warsh really wants work, and the financier did not immediately respond to the requests for comments from Business Insider.
Warsh, however, informed that Trump should not be fired prematurely Powell and let the chair achieve his full mandate, the newspaper reported.
The White House did not immediately respond to a request for comments from Business Insider.
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