(UnitedHeadlines.com) – Former President Donald Trump already knows he doesn’t want to reappoint Jerome Powell as chairman of the Federal Reserve.
If Trump is re-elected in 2024, he stated that he “would not reappoint him,” adding that he is not a fan of Powell, who is Republican. In an interview with Fox Business’ Larry Kudlow Trump stated, “I thought he was always late.”
In 2012, Powell was appointed to the Federal Reserve Board by former President Barack Obama. In 2018, Trump nominated Powell as chairman of the Federal Reserve to replace Janet Yellen, who is now the U.S. Treasury Secretary.
Once Powell and the Federal Reserve began increasing interest rates, Trump became unhappy with Powell. Trump publicly criticized Powell, breaking an unwritten tradition of the White House to not comment on Fed policies. However, Powell received bipartisan support during his first term for resisting the pressure from Trump to cut interest rates when the economy was strong.
In 2022, Powell was re-nominated as chairman of the Federal Reserve by President Joe Biden. He was confirmed by the Senate in a vote of 80-19, Powell’s second four-year term ends in 2026.
Trump is not the only candidate running for the 2024 Republican nomination for president to criticize Powell. Florida Gov. Ron DeSantis criticized Powell and also stated he would not reappoint Powell as chairman of the Federal Reserve.
Former Vice President Mike Pence also stated he would not reappoint Powell. If elected, Pence stated he might appoint economist Judy Shelton as chairman of the Federal Reserve. In 2020, Trump nominated Shelton to the Board of Governors of the Federal Reserve. However, she did not have enough support in the Senate. In 2021, during his last days in office, Trump nominated her again.
An informal adviser to Trump, she was mostly known for her push to return the country to the gold standard, her views on inflation as well as her opposition to federal deposit insurance.
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