According to Reuters, U.S. President Trump said on Friday (30th) morning that he would announce the nomination of the next chairman of the Federal Reserve.
“I will announce the nomination of the Federal Reserve chairman tomorrow morning,” Trump said at the US Trump-Kennedy Center.
Trump Profile Image Source: US Media
Earlier in the day, Trump had said at a cabinet meeting that he would announce the nomination of the next Fed chairman next week.
Trump also criticized Fed Chairman Powell on social media that day for “again refusing to cut interest rates” and claimed that U.S. interest rates should be at the lowest level in the world. Trump also said that the next Fed chairman will “do well” and that the current Fed interest rates are “unacceptablely high.”
Powell was nominated as chairman of the Federal Reserve during Trump‘s first presidential term, took office in February 2018, and was then re-nominated under the Biden administration. His term will end May 15 this year. Trump has repeatedly publicly criticized Powell for the Federal Reserve‘s monetary policy and threatened to remove Powell from his position. According to U.S. statutory procedures, the chairman of the Federal Reserve is nominated by the U.S. president and appointed after approval by the Senate of Congress.