Trump Admin Begins Process To Fire And Replace High-Profile Official
Published 5 hours ago
on July 15, 2025
By michael
U.S. Treasury Secretary Scott Bessent confirmed on Tuesday that there is currently a “formal process” underway to replace Federal Reserve Chairman Jerome Powell. Bessent stated during an interview with Bloomberg Surveillance, “There are a lot of great candidates, and we’ll see how rapidly it progresses.”
Bessent then pointed out that it wouldn’t make sense to keep Powell in his current position at the Federal Reserve once his term is over.
President Donald Trump has intensified his criticism of Powell over the last month. He has continually brought accusations against the chairman of mismanaging monetary policy and of acting at a snail’s pace in his response to economic conditions.
“Maybe I should go to the Fed… Am I allowed to appoint myself at the Fed? I’d do a much better job than these people,” the president quipped. Trump also hurled a series of insults at Powell, referring to him as “stupid,” “too late,” and “a numbskull.”
Trump has also demanded that the Fed cut rates by a full percentage point to provide stimulus for the economy. As July got underway, the attacks on Powell intensified. Last week, the president said that the Federal Reserve chairman “should resign immediately.”
Just a few days later, President Trump criticized Powell for the cost of a $2.5 billion renovation project at the Fed. He then called him a “knucklehead” and “stupid guy.”
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