Trump may announce the nomination of a new Federal Reserve Chairman early next year.

On December 2, President Trump said at a cabinet meeting in the White House that he is likely to announce his nominee for the next Chairman of the Federal Reserve in early 2026, to replace the current Chairman Powell, whose term ends in May 2026. Trump also confirmed on that day that Treasury Secretary Mnuchin has no intention of taking on the role of Fed Chairman. Prior to this, Trump claimed to have made a decision on the nominee for the new Fed Chairman. According to sources familiar with the matter, Kevin Warsh, the Director of the White House National Economic Council, is considered the top candidate for the next Fed Chairman in the eyes of Trump and his advisors and allies. Under relevant laws, the nominee for Fed Chairman by the US President needs to be approved by the Senate. Powell was nominated as Fed Chairman during Trump's first term as President and took office in February 2018. He was nominated for reappointment during the Biden administration. Trump has publicly criticized Powell multiple times for the Fed's monetary policy. Since taking office as President again in January, Trump has repeatedly criticized Powell, accusing the Fed of lowering interest rates too slowly and threatening to dismiss Powell from his position. Concerns have been raised about whether the Fed can maintain its independence in monetary policy.