"Trump Vows to Replace Powell as Fed Chair and Cut Interest Rates to Aid Democrats"

Former President Donald Trump, a 2024 White House contender, stated that he would seek to replace Federal Reserve Chair Jerome Powell, whom he appointed, if elected, accusing Powell of being "political" and potentially favoring interest rate cuts to benefit the Democratic party. Trump, a frontrunner for the Republican nomination, criticized Powell for not aligning with his economic agenda during his presidency. Despite the Fed's mandate for independence, US presidents nominate the Fed chair every four years. Powell's term ends in 2026, and Trump indicated he has "a couple of choices" for a replacement.